Alien Metals Limited Elizabeth Hill Silver Project Acquisition Approved (1633A)
25 September 2020 - 8:36PM
UK Regulatory
TIDMUFO
RNS Number : 1633A
Alien Metals Limited
25 September 2020
Trading Symbols
AIM: UFO
FWB: I3A1
25(th) September 2020
Alien Metals Ltd
("Alien Metals" or "the Company")
KMG Shareholders approve sale of High-Grade Elizabeth Hill
Silver Project to Alien
Alien Metals Ltd (LSE AIM: UFO) ("Alien Metals" or "the
Company"), a minerals exploration and development company, is
pleased to advise that further to the announcements of 10 August
2020 and 4 December 2019, the Shareholders of Karratha Metals Group
Limited ("KMG") have, at an Extraordinary General Meeting held
today, unanimously approved the sale of the Elizabeth Hill Silver
project to Alien Metals ("Transaction"). Accordingly, as per the
Acquisition Agreement the Company will be issuing 200,000,000
Common Shares ("New Ordinary Shares") and 50,000,000 warrants on
the terms outlined in the announcement of 4 December 2019 as
consideration for the acquisition. The New Ordinary Shares will
rank pari passu with the existing ordinary shares in issue and
application has been made to the London Stock Exchange for
200,000,000 New Ordinary Shares to be admitted to trading on AIM.
Admission of the New Ordinary Shares is expected to become
effective at 08.00 on or around 30 September 2020.
Following the issue of the New Ordinary Shares, the Company will
have 3,021,122,389 ordinary shares of no par value in issue. The
Company has no shares in treasury, therefore the figure of
3,021,122,389 should be used by shareholders for the calculations
by which they will determine if they are required to notify their
interest in, or a change of their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
The Company and KMG will now work to have the Elizabeth Hill
Licence transferred to Alien; this is expected to take
approximately four weeks and the Company will make a further
announcement once this is complete
Commenting on the results of the shareholder meeting, CEO Bill
Brodie Good said: "This was the last remaining condition precedent
to the acquisition of Elizabeth Hill. We look forward to completion
taking place shortly, and I welcome all incoming KMG shareholders
to the Company.
"We are ready to commence field work at Elizabeth Hill and
execute on our exploration strategy to advance the project"
About the Elizabeth Hill Silver Project
The Elizabeth Hill Silver Project is situated approximately 45
km south of the town of Karratha in the 61,000 km2 Achaean Pilbara
Block of the Pilbara Craton. The Project is well located, lying 40
km from the deep-water port at Dampier and 8 km from rail
infrastructure. Grid power and groundwater are available on site,
and the area has an abundant skilled workforce nearby.
High-grade silver was discovered during nickel-copper
exploration by AGIP in 1987. Further exploration of the project by
ASX-listed East Coast Minerals (now KMG) and Legend Mining Ltd
(ASX-LEG) discovered a very rich silver deposit. Mineralisation is
related to shear structures that are related to the Munni Munni
Complex lying immediately to the west. Native silver and lesser
amounts of silver sulphide minerals occur as both fine and coarse
grains within a coarse-grained calcite vein stockwork.
The Project was mined between 1998 and 2000 via underground
mining, primarily between the 62 m and 102 m levels. Silver
production totalled approximately 16,800 tonnes of ore grading
2,195 g/t Ag (70.24 oz/t Ag) generating 1,170,000 ounces, including
some very large specimens of native silver.
Refer to the RNS dated 4 December 2019 for full details of the
Transaction (
https://www.alienmetals.uk/news/alien-to-acquire-high-grade-historic-australian-silver-mine
).
For further information please visit the Company's website at
www.alienmetals.uk , or contact:
Alien Metals Limited First Equity Limited (J oint
Bill Brodie Good, CEO & Technical Broker)
Director Jason Robertson
St-James' Corporate Services, Tel +44 (0)20 7374 2212
Company Secretary
Tel: +44 20 7796 8644
Beaumont Cornish Limited (Nomad) Novum Securities Limited (Joint
James Biddle/ Roland Cornish Broker)
www.beaumontcornish.com Jon Belliss
Tel: +44 (0) 207 628 3396 Tel +44 (0)20 7399 9425
Blytheweigh (Financial PR) Turner Pope Investments (TPI)
Megan Ray/Rachael Brooks Limited (Joint Broker)
Tel: +44 (0) 207 138 3204 Andy Thacker/ Zoe Alexander
Tel +44 (0)20 3657 0050
Notes to Editors
Alien Metals Ltd is a mining exploration and development company
listed on AIM of the London Stock Exchange (LSE: UFO). The
Company's focus is on precious and base metal commodities.
Alien Metals has embarked upon an acquisition-led strategy
headed by a high-quality geological team to build a strong
portfolio of diversified assets including two recent acquisitions
in 2019. These include the Brockman and Hancock Ranges high-grade
(Direct Shipping Ore) iron ore projects and the Elizabeth Hill
Silver projects both located in the Pilbara region, Western
Australia.
In addition to progressing and developing its portfolio of
assets and following its strategic review of its portfolio of
silver and precious metals projects in Mexico, Alien Metals has
identified priority exploration targets within its 9 mining
concessions which it is working to advance systematically. The
Company's silver projects are located in the Zacatecas State,
Mexico's largest silver producing state which produced over 190m oz
of silver in 2018 alone accounting for 45% of the total silver
production of Mexico for that year.
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END
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