Strategic Minerals PLC Cobre Magnetite Mine Update (6966V)
February 01 2017 - 1:00AM
UK Regulatory
TIDMSML
RNS Number : 6966V
Strategic Minerals PLC
01 February 2017
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.
1 February 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or "SML")
Cobre Magnetite Mine Update
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified
mineral development and production company, is pleased to announce
that the Company's access to the Cobre magnetite stockpile in New
Mexico, USA has been extended to 28 February 2018.
Southern Minerals Group ("SMG"), the wholly owned subsidiary of
the Company, has an existing contract with the owner of the Cobre
mine under which it has access to the Cobre magnetite stockpile.
The contract is currently subject to an annual extension, and SMG
has received confirmation from the Cobre Mine owner that it is its
intention to extend the existing contract to 28 February 2018.
In addition to securing this important 12 month extension, the
Company and SMG are continuing to progress discussions with the
mine owner to further extend the formal access period to the Cobre
magnetite stockpile.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"Our on-going dialogue with the mine owner is progressing and we
hope to secure a more permanent, mutually beneficial arrangement
for future operations at Cobre. In the meantime, we are pleased
that the existing contract has been extended to 28 February 2018
and look forward to adding new customers and increasing sales."
For further information, please contact:
Strategic Minerals plc
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Twitter: @SML_Minerals
LinkedIn: www.linkedin.com/company/strategic-minerals-plc +61 (0) 414 727 965
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Broker
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
development and production company with projects in the United
States of America, the UK 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 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, gold and rare earths. In May
2016, an additional exploration asset was acquired when the company
entered into an agreement with New Age Exploration Limited to
acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall,
UK.
This information is provided by RNS
The company news service from the London Stock Exchange
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February 01, 2017 02:00 ET (07:00 GMT)