Phoenix Global Mining Ltd Share Consolidation - replacement (5095X)
August 10 2018 - 8:01AM
UK Regulatory
TIDMPGM
RNS Number : 5095X
Phoenix Global Mining Ltd
10 August 2018
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
10 August 2018
The following amendment has been made to the Share Consolidation
announcement released on 9 August 2018 at 11:30am under RNS No
3555X.
The previous version of the announcement incorrectly stated that
the SEDOL was BG0QHY2. This was in fact the SEDOL for the US market
and the correct London SEDOL is BG0NY31.
All other details remain unchanged, and the full amended text of
the announcement is set out below.
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Share Consolidation- replacement
Phoenix Global Mining Ltd (LSE AIM: PGM), the AIM quoted, North
American-focused base and precious metals exploration and
development company, announces that further to the announcement on
24 July 2018 and subject to the share consolidation resolution
being passed at the Company's General Meeting on 14 August 2018,
admission of the new ordinary shares of nil par value each, will be
effective from 8:00am on 15 August 2018 with ISIN of VGG7060R1139,
SEDOL of BG0NY31 and CUSIP of G7060R113.
**ENDS**
For further information please visit www.pgmining.com or
contact:
Phoenix Global Mining Dennis Thomas / Richard Wilkins Tel: +44 7827
Ltd 290 849 (Dennis)
/
+44 7590 216
657 (Richard)
SP Angel Lindsay Mair / Caroline Rowe Tel: +44 20
(Nominated Adviser 3470 0470
and Joint Broker
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20
(Joint Broker) 3463 5000
----------------------------------- ------------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a North American
focused, base and precious metal explorer and developer, which is
fast-tracking the historically-producing Empire Mine in Idaho, USA,
back into production, and exploring for cobalt in Idaho and gold in
Canada.
PGM's flagship project is a brownfield, past producing, copper,
gold, silver, zinc and tungsten underground mine, the Empire Mine
near Mackay in Idaho. PGM acquired an 80% interest in the property
in 2015. Based on a total of 315 drill holes a NI 43-101 compliant
oxide resource was completed in late 2017. A PEA (preliminary
economic assessment) for an open pit heap leach solvent extraction
and electrowinning (SX-EW) mine was completed in April 2018 with a
design capacity of 8,000 tonnes of copper cathode a year. In June
2018 a campaign consisting of 12,200 metres of reverse circulation
(RC) and diamond core drilling was started. This programme is
designed to upgrade and increase the oxide reserves, provide
samples for ongoing metallurgical testwork, geotechnical and
hydrological studies and condemnation drilling for the heap leach
pad site, waste dump and plant site. At the same time the
consultants were appointed to complete a NI 43-101 compliant BFS
(bankable feasibility study). The lead consultant is RPM Global who
are supported by Samuel Engineering, both based in Denver,
Colorado. Cascade Earth Sciences of Pocatello, Idaho have been
working on environmental and permitting issues since 2016 and form
part of the BFS team. Golder Associates are designing the heap
leach pad and ponds, and Call and Nicholas are carrying out the
open pit slope stability studies. The completion of the BFS is
scheduled for Q2 2019.
At Empire, it is estimated that only 5% of the potential ore
system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration; the current resource relates to the oxide resource
only, which remains open along strike and does not include the
deeper, higher grade sulphides. In addition, PGM has increased the
claim area from 813 acres at the time of its acquisition to 1,837
acres, mainly to the northwest, and in so doing has increased the
potential for additional oxide and sulphide resources by a total
strike length of approximately 1,500 metres towards another
brownfield mine, the Horseshoe Mine, which is now within the
property boundary.
The Company also holds two prospective cobalt properties in
Idaho, US, which are located north of the Empire Mine. These are
situated close to the town of Cobalt and are close to projects
being advanced by Canadian junior miners, including eCobalt
Solutions and First Cobalt. Exploration will continue during 2018
to identify drilling targets. Fieldwork is already underway.
The Company has also acquired an exclusive option to explore and
develop the Gordon Lake Project, in the Northwest Territories,
Canada, which is a high-grade shear hosted gold project comprising
of 17 known mineralised zones of which only four have been tested
with 59 diamond drill holes. The Company will proceed to examine
the optimal way forward to develop the project as a low-cost
underground gold producer.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal, precious
metal and cobalt production company, offering exposure to three
high value and high demand metals with compelling demand/supply
fundamentals.
More details on the Company, its assets and its objectives can
be found on PGM's website at www.pgmining.com
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.
END
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