TIDMPXC
RNS Number : 6399Z
Phoenix Copper Limited
24 May 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
24 May 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Result of Annual General Meeting
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA
focused base and precious metals emerging producer and exploration
company, is pleased to announce that all of the resolutions put to
shareholders at the Annual General Meeting held today were duly
passed.
No. Ordinary Resolutions For Against Votes Withheld
To receive and adopt
the Company's annual
accounts for the financial
year ended 31 December
2020, together with
the report of the directors
of the Company and the
auditors' report on
1 those accounts. 35,539,504 418,918 0
-------------------------------- ----------- -------- ---------------
To reappoint Crowe U.K.
LLP as the Company's
2 auditors. 35,955,910 2,512 0
-------------------------------- ----------- -------- ---------------
To authorise the directors
of the Company to determine
3 the auditors' remuneration. 35,955,910 2,512 0
-------------------------------- ----------- -------- ---------------
To re-elect Marcus Edward-Jones
as a director of the
4 Company. 35,958,422 0 0
-------------------------------- ----------- -------- ---------------
To re-elect Richard
Wilkins as a director
5 of the Company. 35,958,422 0 0
-------------------------------- ----------- -------- ---------------
To re-appoint Catherine
Evans as a director
6 of the Company. 35,958,422 0 0
-------------------------------- ----------- -------- ---------------
To authorise the directors
of the Company to allot
and issue shares in
7 the capital of the Company. 35,958,422 0 0
-------------------------------- ----------- -------- ---------------
Special Resolutions
To dis-apply the statutory
pre-emption rights in
respect of the allotment
and issue of shares
pursuant to the authority
referred to in Resolution
8 7 above. 35,950,922 0 7,500
-------------------------------- ----------- -------- ---------------
To amend, restate and
replace the existing
Memorandum & Articles
of Association of the
Company with the new
Memorandum & Articles
9 of Association. 35,532,004 418,918 7,500
-------------------------------- ----------- -------- ---------------
If preference shares
are issued, to approve
the variation of class
rights of the existing
ordinary shares in the
10 Company. 35,950,922 0 7,500
-------------------------------- ----------- -------- ---------------
Contacts
For further information please visit
https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Tel: +44 20
Adviser) Rowe 3470 0470
----------------------------------- ---------------
Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20
Capital (Joint 3463 5000
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
----------------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
Notes
Phoenix Copper Limited is a USA focused, base and precious metal
emerging producer and exploration company, which has carried out a
drilling programme and generated a copper, gold, silver and zinc
resource on which it is carrying out a feasibility study to bring
the historically producing Empire Mine in Idaho, USA, back into
production. It is also evaluating the silver and gold resources
around three other past producing mines within the 23 km (2) Empire
claims block as well as cobalt in two claims blocks north of Empire
in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek, a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2020 and October 2020 for all metals.
Present contained metal in all NI 43-101 compliant categories of
resources, measured, indicated and inferred, stand at 355,523
ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Following the latest NI 43-101
compliant resource, Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a
two phased approach.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres (3.3 sq km) to 6,877 acres (27.8 sq km),
mainly to the northwest and west, and in so doing has increased the
potential for additional oxide and sulphide copper resources, as
well as the potential for stand-alone gold and silver resources,
along a strike length of approximately 5.4 km towards the other
brownfield mines of the Horseshoe, White Knob and Blue Bird Mines
now within the property boundary. In particular, a new discovery at
Red Star, 330 metres north west of the Empire Mine proposed open
pit, has revealed high grade silver / lead sulphide ore and from
three shallow exploration drill holes a NI 43-101 compliant maiden
resource of 1.6 million silver equivalent ounces was reported.
At Empire, it is estimated that less than 1% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration.
More details on the Company, its assets and its objectives can
be found on PXC's website at https://phoenixcopperlimited.com
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