Adriatic Metals PLC Final Key Permit For Vares Silver Project (6577F)
July 19 2021 - 3:29AM
UK Regulatory
TIDMADT1
RNS Number : 6577F
Adriatic Metals PLC
19 July 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS RECEIVES FINAL KEY PERMIT FOR VARES SILVER
PROJECT
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce
that it has received the Exploitation Permit for the Rupice
underground deposit ("Rupice Exploitation Permit") from the Federal
Ministry for Energy, Mining and Industry. The Rupice Exploitation
Permit is the final permitting requirement for construction of the
Vares Silver Project.
The Vares Silver Project required permitting for both the Rupice
underground deposit and the Veovaca open pit deposit (which also
included permitting for the Vares Processing Plant). The Veovaca
Exploitation Permit was received on 28 January 2021 and initiated
the formal exploitation period for the Vares Silver Project, which
under the terms of the Concession Agreement, lasts for up to 30
years.
The Rupice Exploitation Permit was approved following the
completion of a public hearing conducted in Vares on 7 July
2021.
The Vares Silver Project has gone from discovery to fully
permitted for exploitation in just over 4 years. This is testament
to the strong community and government support at every step of the
permitting process.
Adriatic Metals CEO and Managing Director, Paul Cronin,
commented:
"The Rupice Exploitation Permit marks the end of what has been a
complex and multi-faceted permitting process. I am extremely proud
of our team in Bosnia and Herzegovina for their diligence,
coordination and cooperation with the many different stakeholders
in the permitting process to make this happen. Without the
continued support from all levels of government and our local
community, we would not have been able to achieve this hugely
significant milestone in such a short time frame. This is the last
of the permits required before construction, which we anticipate to
commence in Q4 2021. In the meantime, we expect to deliver the DFS
and ESIA in the coming weeks and we look forward to developing this
world class asset."
** ENDS **
For further information please visit www.adriaticmetals.com or
@adriaticmetals visit on Twitter; or contact:
Adriatic Metals PLC
Paul Cronin / Thomas Horton Tel: +44 (0) 7866
913207
Canaccord Genuity Limited (Joint Corporate Broker)
Jeremy Dunlop (Australia) Tel: +61 2 9263 2700
James Asensio (UK) Tel: +44 (0) 207
523 8000
RBC Capital Markets (Joint Corporate Broker)
Marcus Jackson / Jamil Miah Tel: +44 (0) 20 7653
4000
Stifel Nicolaus Europe Limited (Joint Corporate
Broker)
Ashton Clanfield / Callum Stewart Tel: +44 (0) 20 7710
7600
Tavistock Communications Limited
Charles Vivian Tel: +44 (0) 7977
297 903
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 developer that is advancing the world-class Vares Silver
Project in Bosnia & Herzegovina, as well as the Raska
Zinc-Silver Project in Serbia.
The Vares Project Pre-Feasibility Study boasts robust economics
of US$1,040 million post-tax NPV(8) , 113% post-tax IRR and a capex
of US$173 million. Adriatic is the only publicly listed mining
company exploring in Bosnia and is leveraging its first-mover
advantage. The Company is well-funded and concurrent with the
advancing Definitive Feasibility Study, continues to explore across
its large, highly prospective 41km(2) concession package.
Adriatic Metals completed the acquisition TSX-listed Tethyan
Resource Corp. in Q4 2020, which contained the Raska Zinc-Silver
Project in southern Serbia. The Company is exploring across its
99km(2) highly prospective concession area, which includes around
the formerly operating Kizevak and Sastavci polymetallic mines.
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 and have not materially changed.
Adriatic Metals is not aware of any new information or data that
materially affects the information included in the announcement of
the updated Mineral Resource Estimate announced on 1 September 2020
and all material assumptions and technical parameters underpinning
the Mineral Resource Estimate continue to apply and have not
materially changed.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGIGDRRDBDGBC
(END) Dow Jones Newswires
July 19, 2021 04:29 ET (08:29 GMT)
Adriatic Metals (LSE:ADT1)
Historical Stock Chart
From Mar 2024 to Apr 2024
Adriatic Metals (LSE:ADT1)
Historical Stock Chart
From Apr 2023 to Apr 2024