Strategic Minerals PLC Settlement of Leigh Creek Copper Mine (7450G)
March 06 2018 - 1:00AM
UK Regulatory
TIDMSML
RNS Number : 7450G
Strategic Minerals PLC
06 March 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
6 March 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Settlement of Leigh Creek Copper Mine
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified
mineral development and production company, is pleased to announce
that, further to its announcement on 27 February 2018, the
acquisition of the Leigh Creek Copper Mine has now settled. Payment
of AUD 1,500,000 (approx. GBP 850,000) has been made to the vendor
and the subsequent issue of SML shares valued at AUD 1,450,000,
based on the volume weighted average share price throughout the
month of March, are due to be issued in early April. These shares
are subject to dealing restrictions, with one third being locked-up
for three months after issue, and another third being locked-up for
six months after issue.
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
exploration, development and production company with projects in
the United States of America, United Kingdom and Australia. The
Company is focused on acquiring and developing cash generative,
high quality projects which 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. Cobre
continues to provide a significant revenue stream for the Company.
The portfolio was expanded in January 2016 with the acquisition of
shares in Central Australian Rare Earths Pty Ltd ('CARE'), which
holds high quality exploration tenements in Western Australia that
are prospective for cobalt, nickel sulphides, gold and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd. In May 2016, an additional advanced
exploration project was acquired when the Company entered into a
'farm in' agreement with New Age Exploration Limited to acquire up
to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This
50% acquisition was completed in February 2017 and the first
drilling programme at the project was completed in November 2017.
Redmoor is currently advancing a scoping study evaluation. The
Company has also acquired the Leigh Creek Copper Mine ('LCCM'),
situated in the copper rich belt of South Australia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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