RE: large buys16 Jun 2020 00:58
PRELIMINARY MINING PERMIT AT CINOVEC GRANTED
100% OF CINOVEC ORE RESERVE NOW COVERED BY PMP’s
European Metals Holdings Limited (“European Metals” or the “Company”) is pleased to advise that the Czech Ministry of the Environment has granted Geomet an updated Preliminary Mining Permit related to the Eastern part of the Cinovec deposit.
The permit has been issued for a period of 8 years. A Preliminary Mining Permit is a necessary legal pre-qualification before obtaining a Final Mining Permit and guarantees the Company the priority right to apply for and obtain a Final Mining Area and a Final Mining Permit.
The approval for the Cinovec-East Preliminary Mining Permit of the deposit covers an area of 0.201 km2 and, together with the existing Preliminary Mining Permits, encompases the entire Cinovec ore reserve with Preliminary Mining Permits. There are three Preliminary Mining Permits issued with medium-term validity periods; Cinovec Northwest and Cinovec-East are valid until 2028 and Cinovec-South until 2025.
The Company intends to amalgamate all three Preliminary Mining Permits into a single Preliminary Mining Permit as a pre-requisite for a single Final Mining Area and Final Mining Permit to simplify the development of the mine.
Figure 1:
European Metals Managing Director Keith Coughlan said, “This PMP renewal confirms the rapid advancement of permitting of the Cinovec Project.There has been a significant increase in the financial and political support for the development of a battery industry in the EU in recent months and a renewed focus on the development of local supply chains. Cinovec is by far the largest hard rock lithium resource in the EU, containing in excess of 65% of the known total resources. This fact, together with the advanced state of the Project, the low cost profile, and the significant support of its major shareholder places the Project ideally to supply battery grade lithium products into the European Battery Industry.”
https://www.asx.com.au/asxpdf/20200616/pdf/44jp0kfx4vhmw8.pdf
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