Cadence Minerals PLC - Macarthur Minerals Update London Stock Exchange
RNS Number : 5625O
Cadence Minerals PLC
21 August 2017
 

Cadence Minerals Plc

 

("Cadence Minerals" or "Cadence")

 

MACARTHUR MINERALS UPDATE

 

Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals ("Macarthur" or the "Company") in which Cadence currently owns a 20.2% shareholding has announced it is in discussions with parties for options for moving the Company's iron ore projects forward. The Company has also extended closing for Tranche 2 of the non-brokered private placement.

The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=7007817662322513&qm_symbol=MMS

Iron Ore Projects

The Company owns two iron ore projects; the Ularring Hematite Project and the Moonshine Magnetite Project. These projects are co-located on contiguous granted Mining Leases in the Yilgarn Region of Western Australia. The region is a well-established mining district with two existing iron ore producers, one being a global producer. The region is well serviced with infrastructure including iron ore export facilities at the Port of Esperance.

The Company has previously expended approximately $61 million in exploration, metallurgical test-work, mining studies and environmental surveys on its Iron Ore Projects.

The Ularring Hematite Project's Mineral Resources are comprised of Indicated Mineral Resources of approximately 54.5 Mt @ 47.2% Fe and approximately 26Mt @ 45.4% Fe Inferred resources. The Mineral Resource estimates were prepared by CSA Global on behalf of Macarthur Minerals (N143-101 Technical Report, 2012) and reported in accordance with the JORC Code.

The Company has received approval to develop an iron ore mine for the Ularring Hematite Project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999.

The Inferred Mineral Resource estimate for the Moonshine Magnetite Project was initially prepared by CSA Global Pty Ltd (NI 43-101 Technical Report, 2009) and was updated by Snowden Mining Industry Consultants in 2011 (NI 43-101 Technical Report, 2011). The Moonshine Magnetite Project has an Inferred Mineral Resource consisting of approximately 1,316 Mt @ 30.1% Fe.

A Preliminary Assessment Report was prepared on the Moonshine Magnetite Project by Snowden Mining Industry Consultants in 2011.

Private Placement

The Company has extended closing for Tranche 2 of the non-brokered private placement as previously announced on July 7, 2017 (the "Offering") and expects to complete the Offering as soon as possible.  To date, Macarthur Minerals has issued 1,705,690 units (each, a "Unit") and 830,110 shares for a total of $135,091 under Tranche 2 of the Offering.

Each Unit is comprised of one common share in the capital of the Company and one whole warrant to acquire a common share at an exercise price of $0.06 per common share exercisable until February 16, 2018. 

The net proceeds from the Offering will be used for working capital purposes. All securities issued under the Offering, including the common shares underlying the warrants, are subject to a statutory 4 month hold period from the date of issue.

Closing of the Offering is subject to final approval from the TSX Venture Exchange.

Macarthur Minerals currently has 185,744,555 common shares and 36,613,473 warrants issued and outstanding.  In the past 12 months, a total of approximately 163 million of Macarthur Minerals' shares were traded.

 

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).

 

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


 

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 £30 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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