Strategic Minerals PLC Strategic Minerals Settles Rail Claim (8299E)
July 21 2016 - 1:00AM
UK Regulatory
TIDMSML
RNS Number : 8299E
Strategic Minerals PLC
21 July 2016
21 July 2016
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Strategic Minerals Settles Rail Claim
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified
mineral development and production company, is pleased to announce
that it has accepted a settlement offer in relation to its claim
pertaining to rail works for the Cobre Mine in the USA, of
US$675,000, to be paid in instalments of $100,000 in August 2016,
$400,000 in January 2017 and $175,000 in June 2017.
Strategic Mineral's Managing Director, John Peters, said:
"The settlement reflects management's belief that it had a valid
claim in relation to rail access during the period it shipped
magnetite internationally. As with any dispute, the process to
arrive at the settlement has taken up considerable management and
legal resources and I would like to acknowledge the work of our
team on this. In particular, Clovis Hooper, CEO of our subsidiary
Southern Minerals Group, our CFO Julien McInally and our legal
counsel Daniel Jaffe of Slover & Loftus LLP.
The result is excellent for the Company providing it with
"non-dilutive" funds with which to complete its plans."
For further information, please contact:
Strategic Minerals plc
John Peters
Managing Director +61 (0) 414 727 965
Allenby Capital Limited
Nominated Adviser and Joint
Broker
John Depasquale
Jeremy Porter
James Reeve +44 (0)20 3328 5656
Cornhill Capital Limited
Joint Broker
James Sheehan
Colin Rowbury +44 (0)20 3700 2516
Yellow Jersey PR
Financial PR
Dominic Barretto
Alistair de Kare-Silver +44 (0) 7825 916 715
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
development and production company with projects in the United
States of America and Australia. The Company is focused on
acquiring and developing cash generative, high quality projects
that meet local market demand for commodities and utilising this
cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash
generating asset; the Cobre magnetite tailings dam project in New
Mexico, USA which it brought into production in 2012 and which
continues to provide a revenue stream for the Company. The
portfolio was expanded in January 2016 with the acquisition of
shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia and the Northern Territory that are
prospective for nickel sulphides, platinum and rare earths.
Strategic Minerals has completed drill testing of the highest
priority nickel sulphide targets within the tenements, having
successfully intersected nickel sulphide. In May 2016, the Company
also entered arrangements to buy up to 50% of the Redmoor
tin/tungsten exploration project in Cornwall, UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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