Keras Resources PLC Calidus Resources - Company Update (0292Z)
15 May 2019 - 4:00PM
UK Regulatory
TIDMKRS
RNS Number : 0292Z
Keras Resources PLC
15 May 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
15 May 2019
Keras Resources plc ('Keras' or the 'Company')
Calidus Resources' Pre-Feasibility Study on Track for Completion
in July
Keras Resources plc, the AIM listed mineral resource company,
notes the announcement released by Calidus Resources Limited
(ASX:CAI) ('Calidus'), in which it currently holds a c.32.3%
interest, regarding an update at the Warrawoona Gold Project in the
Pilbara of Western Australia ('Warrawoona' or the 'Project').
Highlights
-- On track to complete Pre-Feasibility Study ('PFS') at the Project in July 2019
-- Low capex, simple layout and processing route indicated
-- Open pit mine design based on a base load of a single 2km-long open pit at Klondyke
-- Underground investigation below the Klondyke open pit commenced
-- Geotechnical investigations completed
-- Processing route finalised consisting of a simple primary
crush, Semi-Autogenous Grinding ('SAG') mill comminution circuit
and a gravity gold and conventional carbon-in-leach (CIL) recovery
plant
-- Valley fill tails dam designed, minimising capital
requirements for the tailings storage facility
-- Water exploration drilling completed - bore field sites identified near plant
-- Final environmental baseline studies being completed in
current quarter; submission for permits on track for Q3 2019
Russell Lamming, Chief Executive Officer of Keras, commented,
"Calidus is fast-tracking development at the Warrawoona project
with completion of its PFS targeted for July 2019. This is
extremely positive and serves to underpin the robust economics of
this already highly prospective asset, which currently has a 1.25
million-ounce JORC compliant gold resource. Importantly, the PFS is
expected to deliver a simple layout and processing route, which
highlights the Project's low capex potential and its ability to
generate significant value for shareholders."
Keras currently holds 458 million shares in Calidus,
representing approximately 32.3% of the current issued share
capital of Calidus. On successful completion of Calidus' PFS, an
additional 265 million performance shares of Calidus ('Performance
Shares') owned by Keras will be converted into ordinary shares.
The information in this RNS has been extracted from the ASX
announcement made by Calidus Resources Limited on 11 April 2019. To
view a full version of the Calidus announcement, which includes
figures and maps, please click here:
https://www.calidus.com.au/investors/asx-announcements/. For more
information on Calidus and Warrawoona, please visit
www.calidus.com.au.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Russell Lamming, Chief Executive Officer. This
announcement contains inside information for the purposes of
Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser / Joint
Broker
Ewan Leggat / Charlie SP Angel Corporate Finance +44 (0) 20 3470
Bouverat LLP 0470
Financial PR
Isabel de Salis / Cosima +44 (0) 20 7236
Akerman St Brides Partners Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets. The Company provides investors with exposure to
a portfolio of development assets, including manganese, cobalt and
nickel in Togo, West Africa. It also has a significant interest in
Calidus Resources Limited ('Calidus'), a highly prospective gold
exploration and development company in Australia, which is
currently undertaking a Pre-Feasibility Study at its Warrawoona
gold project. Keras benefits from a highly skilled management team,
which has extensive operational experience in Africa and Australia
and proven success in advancing assets up the value curve.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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