RE: Rns11 May 2020 08:30
Chesterfield Resources PLC Chesterfield to re-commence operations in Cyprus
Intraday Chesterfield Resources Chart
Intraday Chesterfield Resources Chart
11/05/2020 7:00am
UK Regulatory (RNS & others)
TIDMCHF
RNS Number : 3697M
Chesterfield Resources PLC
11 May 2020
Chesterfield Resources Plc/ EPIC: CHF/Market: LSE/ Sector: Mining
11 May 2020
Chesterfield to re-commence operations in Cyprus
Chesterfield Resources Plc, the mineral exploration company, is pleased to announce that it is to resume operations in Cyprus. The country has conducted a successful campaign against the Covid-19 epidemic and has now announced a detailed roadmap to release lockdown restrictions. As a consequence, Chesterfield is now able to commence planning to resume its fully-funded drill programme.
Highlights
-- Cyprus has conducted one of the most successful Covid-19 suppression operations in the world. Like New Zealand and Iceland, there is a possibility it could soon eradicate the virus altogether.
-- The country has announced a detailed four-phase roadmap out of lockdown, spread over two months. This provides businesses with a clear framework to plan ahead.
-- Chesterfield is set to be among the first junior miners to recommence operations. Drilling is planned on its Troodos West licences by mid-June. Detailed preparations are underway.
Martin French, Executive Chairman of Chesterfield commented: "We are fortunate to be operating in a country that has conducted a particularly successful campaign against Covid-19. Cyprus last week initiated a comprehensive and well-defined programme to re-open its economy. We have drill, crew and logging geologists all available in country. We do not need to fly any personnel in from overseas in order to re-commence drilling.
During the lockdown, the company was able to completely shut down local operations and so preserve cash. We are now well-positioned to resume our percussion drill campaign. We have also used the lockdown period to conduct further detailed desktop technical evaluations, including our strong potential for gold, as well as further target analysis based on our initial percussion testing. We are excited to be getting back to work in Cyprus. The drill programme has the potential to add significant value for shareholders."
Cyprus: a very successful campaign against Covid-19
Out of a population of 1.2 million, the Republic of Cyprus (Southern or "Greek" Cyprus), only 898 cases of infection have been recorded since the outbreak began, with 16 deaths. Just nineteen people remain in hospital and over the last week there were only eight new Covid-19 cases. The northern section of the island, occupied by Turkey (population 326,00), has not reported any new Covid-19 cases since April 19.
The island was swift to lock-down, with particularly strict curfews enforced by the military and police. Military conscription is compulsory in Cyprus for all males and so the population is rel
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