Alexander Mining PLC Business Update (1524Z)
December 13 2017 - 1:00AM
UK Regulatory
TIDMAXM
RNS Number : 1524Z
Alexander Mining PLC
13 December 2017
13 December 2017
Alexander Mining plc
("Alexander" or the "Company")
Business Update
Alexander is pleased to provide an update on its business
development activities.
Australia - Accudo agreement
The Company has received an update from Accudo Metals Pty Ltd.
("Accudo") regarding its agreement with the owners of the copper
tenements and assets in Australia ("the Project"). The Project is
being assessed in accordance with the technology licence agreement
with Alexander for the potential use of the Company's AmmLeach(R)
technology.
Accudo's planned technical work is to progress from the first
stage test work and complete a definitive feasibility study ("DFS")
with a view to producing a bankable feasibility study ("BFS") if
the DFS is positive. Work to date has demonstrated the successful
extraction of copper under a range of AmmLeach(R) conditions and
with recoveries (65%-80% unoptimised) comparable to acid leaching,
albeit the latter processing method is uneconomic due to excessive
sulphuric acid consumption.
To support the DFS, Accudo has selected the members of the
feasibility study team, which includes hydrometallurgical and
engineering, geology and mining, environmental, legal and corporate
and financial advisors. In addition, significant size bulk samples
of approximately 20 tonnes of ore and about 140 kg of quartered
diamond drilling core have been sourced and transported to Perth,
Western Australia for appropriate metallurgical and mineral
processing test work.
Accudo has advised the Company that it is sufficiently
encouraged by the technical work undertaken to date and its
preliminary economic model, that it is currently seeking
expressions of interest from strategic, industry and/or financial
investors for funding to effect the acquisition of the Project
assets. Its earlier intention was to decide on whether to acquire
the Project once the DFS was completed. In the interim, the DFS
work has been put on hold pending this further funding for the
acquisition of the Project, completion of the DFS work and, if
favourable, the commitment to complete a BFS.
Accudo has indicated that expressions of interest have been
encouraging and several organisations are currently accessing the
Project data room.
HyperLeach(R)
The Company is investigating potential low-grade nickel/cobalt
and copper sulphide leaching opportunities to advance the potential
commercial adoption of its HyperLeach(R) intellectual property. The
recent grant of the HyperLeach(R) patent in the US is supportive of
this.
Lithium - research and development joint venture
Work on the lithium ore leaching joint venture between the
Company and Dr Nicholas Welham is proceeding and, although there
has been some time slippage due to the availability of laboratory
facilities, the first results are expected soon.
Zambia
Further to the signing of an introducer's agreement with Duard
Capital Ltd. ("Duard") announced on 16 August 2017, the Company has
been working closely with Duard to investigate several
opportunities. The focus is on copper and cobalt production
opportunities, including from historic slag/tailings heaps, and has
been supported by a recent visit to Zambia by the Company.
Large numbers of Zambians depend on the income from the small
scale artisanal mining of copper ore outcrops. The ore is sold at a
marked discount to contained metal value to a few processing
plants. The Zambian government has voiced its desire to see an
improved return to such miners but with limited success.
The biggest challenge is to overcome the cost of transporting
small quantities of ore over long distances. Duard and Alexander
believe that there is an opportunity for the AmmLeach(R) technology
to address this problem by establishing several small-scale plants
serving such copper mining regions.
Outside of the Duard agreement, Alexander remains in discussions
with existing major producers around the potential for the use of
its patented technologies to enhance both current production and
expansion opportunities they have within their existing resource
and reserve asset base.
Turkey
The Company continues to investigate, supported by several
recent visits, several specific opportunities in Turkey for its
technology on suitable copper and/or zinc projects.
Mongolia
The Company's agent, Dr. Jadambaa Temuujin, has been busy
generating contacts with encouraging interest being shown.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
For further information, please contact:
Martin Rosser
Chief Executive
Mobile: +44 (0) 7770 865
341
Alan Clegg
Non-Executive Chairman
Mobile: +90 543 533 0665
Alexander Mining plc
Tel: +44 (0) 20 7078 9566
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners
Limited
Matthew Johnson / Gerry
Beaney
(Corporate Finance)
John Howes
(Corporate Broking)
Tel: +44 (0) 20 3861 6625
Turner Pope Investments
(TPI) Ltd
Andy Thacker
Tel: +44 (0) 20 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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