Adriatic Metals PLC Adriatic Receives Exploitation Permit for Veovaca (0894N)
January 28 2021 - 1:00AM
UK Regulatory
TIDMADT1
RNS Number : 0894N
Adriatic Metals PLC
28 January 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS RECEIVES EXPLOITATION PERMIT FOR VEOVACA
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce
that it has received the Veovaca Exploitation Permit from the
Federal Ministry for Energy, Mining and Industry ("FMERI"). The
receipt of the Permit initiates the formal exploitation period for
the project, which under the terms of the Concession Agreement is
up to 30 years. As the Concession Agreement covers both Veovaca and
Rupice the security of tenure applies to both the Veovaca open pit
and plant areas, as well as the Rupice underground mine areas.
The receipt of this Permit also enables Adriatic to complete the
Main Mining Project for the Veovaca open pit mine, flotation plant,
and tailings management facility at a detailed engineering level
for the start of construction in Q3 2021. The Exploitation Permit
required before the commencement of underground development at
Rupice is expected in Q2 2021, and will be applied for following
the issue of the Environmental & Urban Planning Permits for
Rupice, in a process similar to what has recently been completed
for Veovaca.
Paul Cronin, Adriatic's Managing Director and CEO commented,
"This is a major permitting achievement that has been realised
through close cooperation between Adriatic's BiH team and the
significant number of governmental and commercial stakeholders
involved in the process, as well as the local community in Vares.
The team have worked tirelessly to compile all the required
information for these submissions under difficult circumstances.
Their dedication to the project and creating shareholder value is
unquestionable. I would like to thank the various Ministries
involved in the review of all the individual permit applications
that have culminated in this significant milestone, for the
company, and the BiH mining industry. We look forward to continuing
our productive and cooperative relationships with the community and
government as we advance the Vares project to production."
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
** 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) 7515 357842
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
COMPETENT PERSONS REPORT
The information in this report which relates to Exploration
Results is based on information compiled by Mr Phillip Fox, who is
a member of the Australian Institute of Geoscientists (AIG). Mr Fox
is a consultant to Adriatic Metals PLC, and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity he is undertaking
to qualify as a Competent Person as defined in the 2012 Edition of
the "Australian Code of Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Fox consents to the inclusion in
this report of the matters based on that information in the form
and context in which it appears.
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
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