Metminco Limited Amendment (3422N)
October 25 2016 - 1:00AM
UK Regulatory
TIDMMNC
RNS Number : 3422N
Metminco Limited
25 October 2016
ASX ANNOUNCEMENT 25 October 2016
AMENDMENT
The Note to editors at the end of the Company's announcement
dated 24 October 2016 incorrectly disclosed the Company's interest
in the Los Calatos Project as 51% not 49%.
The note should read as follows:
The Los Calatos Project (49%)
Through its wholly owned subsidiary, Minera Hampton Peru SAC,
Metminco holds a 49% interest in Los Calatos, which is located in
Southern Peru near three large operating copper-molybdenum mines,
namely Cuajone, Toquepala and Cerro Verde. Molybdenum constitutes a
significant by-product of copper mining from this belt.
The detailed re-logging program that was conducted on the Los
Calatos drill core in late 2014 and early 2015, resulted in an
estimated mineral resource of 352 million tonnes at a Cu grade of
0.76% and a Mo grade of 318 ppm (2.76mt Cu and 111,936t Mo Metal).
The development prospects of the project have been significantly
enhanced by the agreement signed on 14 June 2016 with CD Capital
Natural Resources Fund III LP to fund the completion of the
Pre-feasibility and Feasibility Studies, and acquire up to 70% of
equity in the project for an investment of up to US$45 million.
As per the Agreement with CD Capital, the Company will use its
best endeavours to distribute at least 90% of its holding in
Hampton Mining (the wholly owned subsidiary holding its interest in
the Los Calatos Project) to its shareholders within six months of
completion of the transaction.
William Howe
Managing Director
Metminco Limited ABN Level 6, 122 Walker Street,
43 119 759 349 North Sydney, NSW, 2060
ASX Code: MNC.AX; AIM Tel: +61 (0) 2 9460 1856;
Code: MNC.L Fax: +61 (0) 2 9460 1857
www.metminco.com.au
For further information,
please contact:
METMINCO LIMITED
Stephen Tainton / Phil Killen Office: +61 (0) 2
9460 1856
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Will Souter / Nathan Forsyth Office: +61 (0) 2
9250 0000
United Kingdom
Charlie Cryer Office: +44 (0) 20
3440 6800
JOINT BROKER
SP Angel Corporate Finance
LLP (UK)
Ewan Leggat Office: +44 (0) 20
3470 0470
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Tom Huddart Office: + 44 (0) 20
3757 4997
------------------------------ --------------------
Notes to editors
Metminco Limited is an exploration and mining company, dual
listed on the Australian Stock Exchange and London Stock Exchange,
with a portfolio of projects located in Peru, Colombia and Chile.
The Company's focus is advancing its Quinchia gold portfolio in
Colombia and the Los Calatos copper project in Peru. The Company
also has exposure to molybdenum, gold and zinc via its projects in
Peru and Chile.
Quinchia Gold Portfolio (100%)
On 20 June 2016, Metminco acquired Miraflores Compania Minera
SAS (formerly Minera Seafield SAS) for an equity consideration as
well as deferred cash payments payable annually over the following
four years. Miraflores Compania owns 100% of the Quinchia Gold
Portfolio, which is located in Colombia's Middle Cauca Belt and
contains a number of deposits and significant exploration and
development targets including Miraflores, Dosquebradas, Tesorito
and Chuscal. The portfolio has a NI 43-101 estimated Mineral
Resource of 2.8 million ounces of gold.
Miraflores is the near term development opportunity. It has a
Measured and Indicated Mineral Resource of 9.19 million tonnes at
2.81g/t gold and 2.76g/t silver (832,000 oz Au and 817,000 oz Ag).
A recent Scoping Study focussed on an underground operation
producing 50,000 ounces of gold per annum for 9 years. The focus is
now on the conduct of the planned Feasibility Study.
The Los Calatos Project (49%)
Through its wholly owned subsidiary, Minera Hampton Peru SAC,
Metminco holds a 49% interest in Los Calatos, which is located in
Southern Peru near three large operating copper-molybdenum mines,
namely Cuajone, Toquepala and Cerro Verde. Molybdenum constitutes a
significant by-product of copper mining from this belt.
The detailed re-logging program that was conducted on the Los
Calatos drill core in late 2014 and early 2015, resulted in an
estimated mineral resource of 352 million tonnes at a Cu grade of
0.76% and a Mo grade of 318 ppm (2.76mt Cu and 111,936t Mo Metal).
The development prospects of the project have been significantly
enhanced by the agreement signed on 14 June 2016 with CD Capital
Natural Resources Fund III LP to fund the completion of the
Pre-feasibility and Feasibility Studies, and acquire up to 70% of
equity in the project for an investment of up to US$45 million.
As per the Agreement with CD Capital, the Company will use its
best endeavours to distribute at least 90% of its holding in
Hampton Mining (the wholly owned subsidiary holding its interest in
the Los Calatos Project) to its shareholders within six months of
completion of the transaction.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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