Cadence Minerals PLC - Update on Cinovec Lithium/Tin Project London Stock Exchange
RNS Number : 8497D
Cadence Minerals PLC
02 May 2017
 

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence" or "the Company")

 

Grant of Preliminary Mining Permit Over the Cinovec Project

 

Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that European Metals Holdings Limited ("EMH") has obtained three key permits in the development of the Cinovec Lithium/Tin Project in the Czech Republic.

 

Cadence holds a 20.76% economic interest in Cinovec, via its interest in EMH. The full EMH release is available at: http://www.asx.com.au/asxpdf/20170502/pdf/43hyjdby85gjrn.pdf .

Highlights from the EMH Release:

 

·      The Preliminary Mining Permit covering the majority of the Cinovec Project has been awarded by the Czech Ministry of Environment.

·      A further Exploration License has been granted for the ground immediately south of the main deposit.

·      A de-watering permit has been obtained from the Ohře River Authority to pump out the historic workings.

 

Preliminary Mining Permit

As announced to the market on 3 February 2017, the Cinovec South Resource was formally added to the Czech State resource register, which was the first step in the process of the granting of a mining permit. As a next step, the 'Preliminary Mining Permit' (PMP) has now been received.  The permit covers approximately 1,500,000 m2 of the Cinovec deposit south area and is valid until April 2025. The Company has until that date to submit an application for the final mining permit; it intends to do so well before then. The granting of the PMP means that the regulatory oversight for the designated area is transferred from the Ministry of Environment to the Czech Mining Bureau, which is entitled to approve the final mining plan and delimit the final mining space. Both approvals are predicated on the results of an Environmental Impacts Analysis, which EMH has commenced.

 

Additional Exploration License

The Company has been awarded an additional exploration license for the ground immediately south of the deposit. Securing this area allows the Company to begin preparatory geotechnical work for the exploration adit, including excavation of the adit itself when appropriate.

 

De-Watering Permit

The historic Cinovec mine was closed in 1989 and the shafts were capped. Since that time, the workings have been partially flooded. The Company has been working with environmental consultants and relevant local authorities to secure the necessary permits to begin de-watering the mine well in advance of commencing operations. The initial permit has been received and the Company will now finalise the de-watering process. The Company aims to de-water the mine as part of the Definitive Feasibility Study to allow detailed geological, geotechnical and hydrological studies of the deposit. Accessing the underground workings will also allow collecting representative samples for pilot scale lithium carbonate production, which will be used to supply potential off-take customers.

 

Commenting, Kiran Morzaria, Chief Executive Officer of Cadence, said:

 

"With the limited construction of new mining projects in the Czech Republic, it is great to see such a timely approval of key permits which are critical the on-going development of the Cinovec Lithium / Tin deposit. We look forward to hearing more from Cinovec as the projects advances towards production"

 

 

For further information please contact




Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling


Kiran Morzaria




WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce


James Bavister




Square1 Consulting

+44 (0) 207 929 5599

David Bick


Brian Alexander


Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.


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