Strategic Minerals PLC Early Extension of Cobre Access (0055N)
14 January 2019 - 8:31PM
UK Regulatory
TIDMSML
RNS Number : 0055N
Strategic Minerals PLC
14 January 2019
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.
14 January 2019
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Early Extension of Cobre Access
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, is pleased to announce that its wholly owned
subsidiary, Southern Minerals Group ("SMG") has successfully
obtained an early rollover of access to the Cobre magnetite
stockpile. Contracts exchanged provide for the access to be
extended until 31 March 2020. Annual access will automatically
rollover on 31 March each year thereafter (the "rollover date"),
unless written notice is provided not less than one month prior to
the rollover date.
Commenting, John Peters, Managing Director, Strategic Minerals
said:
"The early rollover of access to the Cobre magnetite stockpile
is a testament to the close working relationship SMG, and its
President Clovis Hooper, has with the mine manager and their faith
in the quality of the operational and safety procedures conducted
by SMG.
While the Company considers that access to the Cobre magnetite
stockpile will continue to be provided until exhausted (6+ years),
this early rollover is strategically significant for the Company as
it ensures access to positive cash flows while it prepares to
commence its second income stream from Leigh Creek Copper Mine.
I look forward to providing the quarterly sales update later
this week."
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
Facebook: https://www.facebook.com/search/top/?q=strategic%20minerals%20plc
+44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
Laura Harrison
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 its development projects.
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 that are prospective for cobalt,
nickel sulphides and rare earth elements. The Company has since
acquired all shares in Central Australian Rare Earths Pty Ltd. In
September 2018, the Company sold certain CARE tenements that had
been identified as gold targets.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. The 2018 drill programme has
almost complete and has provided the best assay results to
date.
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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