Strategic Minerals PLC Redmoor Acquisition Update (3605V)
April 08 2019 - 1:00AM
UK Regulatory
TIDMSML
RNS Number : 3605V
Strategic Minerals PLC
08 April 2019
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.
8(th) April 2019
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Settlement of the Balance of the Redmoor Acquisition set for 30
May 2019
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, is pleased to announce that further to the
announcement made on 18 March 2019, the Company has been informed
by New Age Exploration Limited ("NAE") that it will not be required
to refer its decision to sell its entire 50% shareholding in
Cornwall Resources Limited ("CRL"), the joint venture vehicle
developing the Redmoor Tin/Tungsten project in Cornwall
("Redmoor"), to shareholders at a general meeting. Considering this
information, NAE and SML have agreed on a settlement date for the
transaction of 30 May 2019. The settlement is subject to NAE
confirming the form of both the promissory note and royalty stream,
although this is considered largely an administrative process and
not likely to delay settlement.
Commenting, John Peters, Managing Director, Strategic Minerals,
said:
"Recent meetings with wholesale mining investment funds have
highlighted the level of interest that the Redmoor Tin/Tungsten
project has engendered.
"We are pleased that, subject to standard documentation, the
contract will settle at the end of May 2019 and the Company will
gain full control on project timing and investment. The Company
looks forward to developing Redmoor to Pre-Feasibility status, at
which time it believes it can better demonstrate the project's
underlying value to the market."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
Facebook: https://www.facebook.com/Strategic-Minerals-PLC-296612634111414/
+44 (0) 20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
Laura Harrison
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, operating minerals
company actively developing projects prospective for battery
materials. It has an operation in the United States of America and
development projects in the UK and Australia. The Company is
focused on utilising its operating cash flows, along with capital
raisings, to develop high quality projects aimed at supplying the
metals and minerals being sought in the burgeoning electric
vehicle/battery market.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in development projects orientated to
supplying the burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded 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 cobalt, gold, nickel sulphides and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd. In September 2018, the Company
entered contracts for the sale of certain CARE tenements that have
been identified as gold targets.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. The 12-hole 2018 drilling
programme has now been completed and the resource update that
resulted was announced in February 2019. In March 2019, the Company
entered into arrangements to acquire the balance of the Redmoor
Tin/Tungsten project in Cornwall, UK.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and is currently working to bring this into operation in
2019.
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London Stock Exchange. RNS is approved by the Financial Conduct
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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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