Adriatic Metals PLC Vares Project Permitting Approvals
RNS Number : 8005F
Adriatic Metals PLC
19 November 2020
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
VARES PROJECT PERMITTING APPROVALS
Adriatic Metals PLC (ASX:ADT & LSE:ADT1) is pleased to
announce that it has now received the Urban Planning Permit for the
Veovaca project area (Open Pit, Plant & Tailings areas) from
the Federal Ministry of Spatial Planning. The approval reflects the
strong support from government and commercial stakeholders.
The application process involved seeking and receiving positive
opinions on the project from all significant government
stakeholders (forestry, water, zoning, cantonal ministries,
cadastral and all neighbouring municipalities), in addition to all
relevant commercial service providers (utilities, telecoms, etc.).
This was a complex, multi-faceted process completed with diligence
on all sides and paves the way for the future approvals required to
construct the Vares Project.
Having received approval of the Reserves Elaborate, the
Environmental Permit and the Urban Planning Permit, the Company
will now immediately apply to the Federal Ministry of Energy, Mines
and Infrastructure for the Exploitation Permit, which is a solely
technically focussed procedure.
In addition, the Company is pleased to announce that the
Preliminary Water Permit for the Rupice project area (underground
mine and associated infrastructure) has also been received from the
Sava River Water Agency. This permit is a necessary step in a
process to obtain the Environmental Permit for Rupice, which is
under final review, following the completion of the public
Adriatic's CEO and Managing Director, Paul Cronin, commented "I
am very pleased that this key exploitation permitting step has been
achieved through close cooperation between Adriatic's BiH team and
the significant number of government and commercial stakeholders
involved in the process. It clearly demonstrates the strong support
we have from all levels of government in BiH and we look forward to
continuing our close cooperation with government, our local
community and the commercial stakeholders."
Authorised by, and for further information please contact:
Managing Director & CEO
** ENDS **
Market Abuse Regulation Disclosure
The information contained within this announcement is deemed by
Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. The person responsible for arranging and authorising
the release of this announcement on behalf of Adriatic is Paul
Cronin, Managing Director and CEO.
For further information please visit www.adriaticmetals.com ;
@AdriaticMetals on Twitter; or contact:
Adriatic Metals PLC
Paul Cronin / Emma Chetwynd Stapylton Tel: +44 (0) 203 950 9138
Tavistock Communications Limited
Charles Vivian Tel: +44 (0) 7977 297903
Edward Lee Tel: +44 (0) 7736 220565
Gareth Tredway Tel: +44 (0) 7785 974264
The Capital Network
Julia Maguire/Lelde Smits Tel: +61 2 8999 3699
ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base
metals explorer and developer that owns the world-class Vares
Silver Project in Bosnia & Herzegovina and holds licences
across the Raska District in Serbia.
The Vares project's captivating economics and impressive
resource inventory have attracted Adriatic's highly experienced
team, which is expediting exploration efforts to expand the current
JORC resource. Results of a recent pre-feasibility study announced
on 15 October 2020 indicate a post-tax NPV(8) % of US$1,040 million
and IRR of 113%. Leveraging its first-mover advantage, Adriatic is
rapidly advancing the project into the development phase and
through to production with significant cornerstone investment of
US$28 million from Queen's Road Capital Investment and EBRD.
There have been no material changes to the assumptions
underpinning the forecast financial information derived from the
production target in the 15 October 2020 announcement and these
assumptions continue to apply. There have been no material changes
to the assumptions and technical parameters on the updated Mineral
Resource Estimate announced on 1 September 2020 and these
assumptions continue to apply.
Adriatic Metals acquired TSX-listed Tethyan Resource Corp in
2020, to advance the former Kizevak and Sastavci polymetallic mines
in the Raska District, southern Serbia.
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(END) Dow Jones Newswires
November 19, 2020 02:00 ET (07:00 GMT)