(Alliance News) - Cadence Minerals PLC on Monday said its joint venture partner Hastings Technology Metals has reported revised mineral resource and ore reserve statements for the Yangibana rare earth project in western Australia.
Cadence owns 30% of Yangibana.
The AIM-listed investment company said the updated ore reserve of 12.20 million tonnes represents an 18% tonnage increase compared to the previously announced mining reserve, which was the result of a "successful" geological re-interpretation of the mineralisation delineating the ore deposits.
The resultant mineral resource upgrade has extended the mine life from 11 years to 13 years, Cadence highlighted.
"Following the key appointment of DRA Pacific in October, on behalf of myself and Cadence Minerals we are delighted with these recent announcements at Yangibana," said Cadence Chief Executive Kiran Morzaria.
"Each step forward is providing solid validation for our investment strategy into the Yangibana joint venture, and with the project now firmly in development phase, we await further news with great interest," added Morzaria.
Cadence shares were trading 3.0% lower in London on Monday at 8.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Cadence Mineral (KDNC)