Phoenix Global Mining Ltd Appointment of Executive Chairman (9409B)
16 January 2018 - 6:00PM
UK Regulatory
TIDMPGM
RNS Number : 9409B
Phoenix Global Mining Ltd
16 January 2018
Phoenix Global Mining Ltd / ticker: PGM / Index: AIM / Sector:
Mining
Phoenix Global Mining Ltd ("Phoenix" or the "Company")
Change of role of Chairman
Phoenix Global Mining Ltd (AIM: PGM.L), the AIM quoted, US
focused copper and cobalt exploration and development company, is
pleased to announce that Marcus Edwards-Jones, previously
non-executive Chairman, has been appointed Executive Chairman with
immediate effect.
Dennis Thomas, the Company's CEO, said,
"We are delighted to announce that Marcus has agreed to change
his role from non-executive Chairman to Executive Chairman. Since
listing on AIM in June 2017 the Company has moved forward at a
rapid pace and 2018 will continue this progress. This is a highly
strategic time to be advancing mining operations in the US and his
new role will enable Marcus to focus on enhancing the Company's
profile both in the UK and the US.
"The supply of copper and cobalt is becoming increasingly
critical as the forecast rise in the number of electric vehicles
and new forms of energy storage put pressure on manufacturers to
find stable and responsibly-sourced supplies of these valuable
commodities. I believe that our US focus gives us a significant
advantage in that regard.
"The development of our Empire Copper Mine continues on schedule
and updated research from our broker, Brandon Hill, which takes
into account the favourable impact of a rising copper price and the
recently announced US corporate tax cuts, highlights the strong
viability of the Empire Project. We welcome Marcus to the executive
team and look forward to an exciting year ahead."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.pgmining.com or
contact:
Phoenix Global Dennis Thomas & Richard c/o St Brides
Mining Ltd Wilkins Partners
+44 20 7236
1177
--------------------- ----------------------------- --------------
SP Angel Lindsay Mair / Caroline Tel: +44 20
(Nominated Advisor) Rowe 3470 0470
--------------------- ----------------------------- --------------
Brandon Hill Jonathan Evans / Oliver Tel: +44 20
Capital (Broker) Stansfield/Robert Beenstock 3463 5000
--------------------- ----------------------------- --------------
St Brides Partners Charlotte Page / Susie Tel: +44 20
(Financial PR) Geliher 7236 1177
--------------------- ----------------------------- --------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base metal
explorer and developer, which is fast-tracking the
historically-producing Empire Mine in Idaho, USA back into
production.
Having established an initial copper oxide JORC resource of 19.4
mt grading 0.47% copper ('Cu') for 90,547 t contained Cu. Phoenix
has defined a two-phase development strategy. Phase One is focused
on commencing low cost, open pit production from the current oxide
resource, targeting 7,000t copper cathode per annum by 2020 via an
SX-EW plant. Stage Two will look to extend the life of mine by
targeting the deeper (below c.120m), higher grade copper sulphides,
where intercepts of up to 11.4% Cu have been recovered. Preliminary
Feasibility Study work on the priority open pit oxide resource is
already underway.
It is estimated that only 5% of the potential ore system has
been explored to date and accordingly there is significant
opportunity to increase the resource through phased exploration;
the current resource relates to the oxide resource only, which
remains open along strike and does not include the deeper, higher
grade sulphides. The Company also holds two prospective
copper-cobalt properties in Idaho, US, which are located north of
the Empire Mine. These are situated close to the town of Cobalt and
are close to projects being advanced by Canadian junior miners,
including eCobalt Solutions and US Cobalt. Early stage exploration
is underway with drilling targeted to commence in 2018.
With a management team that has successfully constructed,
commissioned and operated mines and a low risk, mining-friendly
jurisdiction with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal producing
company, offering exposure to two high demand technology metals
with compelling demand/supply fundamentals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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