Strategic Minerals PLC CARE Gold Tenements Sale Update (6099A)
13 September 2018 - 4:00PM
UK Regulatory
TIDMSML
RNS Number : 6099A
Strategic Minerals PLC
13 September 2018
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.
13 September 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
CARE Gold Tenements Sale Update
Further to the announcement on 3 September 2018, Strategic
Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company
actively developing projects prospective for battery materials, is
pleased to announce that it has now exchanged contracts for the
sale of certain tenements identified as gold targets, currently
owned by its wholly owned subsidiary, Central Australian Rare
Earths Pty Ltd ("CARE"), to ASX listed Great Southern Mining Ltd
("GSN").
Highlights
-- The Company has exchanged contracts for the sale of the following tenements to GSN:
- E38/2829
- E38/2442
- E38/2587
- E38/2856
-- The Company has received a non-refundable deposit of AUD 50,000.
-- The balance of the purchase price (AUD 50,000 in cash and
issuance to CARE of 1,000,000 shares in GSN at an issue price of
AUD 0.045) will be paid on completion of the transfer of title of
the tenements, expected within one month.
-- On completion, the Company will enter a voluntary escrow
agreement ensuring that 500,000 GSN shares will not be sold prior
to 30 December 2018 and the balance will not be sold prior to 30
June 2019.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"The exchange of contracts on the gold related CARE tenements is
a welcome stepping stone to the improved overall management and
exploration of the tenements within CARE's portfolio.
"Additional funding arising from this sale is likely to be
applied to further drilling around Hanns Camp, notably at Hanns
Camp South, which remains highly prospective for nickel sulphide
mineralisation."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, operating minerals
company actively developing projects prospective for battery
materials. It has an operation in the United States of America and
development projects in the UK and Australia. The Company is
focused on utilising its operating cash flows, along with capital
raisings, to develop high quality projects aimed at supplying the
metals and minerals being sought in the burgeoning electric
vehicle/battery market.
In September 2011, Strategic Minerals acquired the Cobre
magnetite tailings dam project in New Mexico, USA, a
cash-generating asset, which it brought into production in 2012 and
which continues to provide a revenue stream for the Company. This
operating revenue stream is utilised to cover company overheads and
invest in development projects orientated to supplying the
burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded with the acquisition
of shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia and the Northern Territory that are
prospective for cobalt, gold, nickel sulphides and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd. As set out in this announcement,
the Company has conditionally sold certain CARE tenements that have
been identified as gold targets.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited to acquire up to 50% of the Redmoor
Tin/Tungsten project in Cornwall, UK. This 50% acquisition was
completed in February 2017 and a drilling programme completed in
2017 resulted in a significant upgrade of the resource. Phase 1 of
the 2018 drill programme is underway.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and is currently working to bring this into operation in
2019.
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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