Last checked at 16 Jun 2016 07:00
16 June 2016 |
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Completion of the Brits Vanadium Project acquisition
Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in Africa, today announces that, following the announcement on 6 November 2015 to acquire the Brits Vanadium Project for US$600,000 (six hundred thousand dollars) (the "Acquisition"), that in addition to the ZAR6,000,000 (six million rands) already paid, the Company will issue 7,000,000 (seven million) Bushveld ordinary shares to Sable Metal and Minerals Limited in respect of the remaining approximately ZAR3,000,000 (three million rands) consideration payable in connection with the Acquisition.
The acquisition of the Brits Project complements Bushveld's strategy to consolidate quality vanadium resources on the Bushveld Complex and develop brownfield processing opportunities for its vanadium platform. The acquired project is adjacent to Vametco Alloys' operation (primary vanadium mining and processing operation) and is known, from historical exploration undertaken, to have excellent vanadium mineralisation with some of the highest V2O5 grades encountered in the entire Bushveld Complex. Grades of up to 2.4% V2O5 were reported from magnetite concentrate from disseminated and massive magnetite bands close to the lower contact of the Upper Zone of the Complex. An exploration programme to confirm and supplement earlier work, and thereby quantify the resource and grade distribution patterns, is planned and will include geochemical soil sampling, geophysical data interpretation and the drilling of an estimated 20 boreholes. This phase of exploration will ultimately lead to the preparation of a JORC compliant resource. The project area is proximal to very good road and rail infrastructure and several other potential processing facilities.
Application for admission to trading on AIM for the settlement shares will be made today and is expected to become effective at 8.00am on 22 June 2016 ("Admission").
Following Admission, there will be a total of 591,670,772 Bushveld ordinary shares in issue, 670,000 of which are held in Treasury. For the purposes of calculating Total Voting Rights shareholders may use 591,000,772 as the total number of shares in issue from the date of Admission.
Enquiries: info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Strand Hanson Andrew Emmott | +44 (0) 20 7409 3494 |
Mirabaud Securities Rory Scott | +44 (0) 20 7878 3360 |
Beaufort Securities Limited Jon Belliss | +44 (0) 20 7382 8300 |
Tavistock (UK) Jos Simson/ Nuala Gallagher | +44 (0) 20 7920 3150 |
Lifa Communications (South Africa) Gabriella von Ille | +27 (0) 711 121 907 |
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Notes to the editor
Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore, tin and coal assets in Southern Africa and Madagascar.
The Group owns the Bushveld Vanadium Project, Mokopane Vanadium Project, Bushveld Iron Ore Project and Mokopane Tin Project, located on the northern limb of the Bushveld Complex, South Africa. Bushveld also owns the Imaloto coal project in Madagascar, acquired in September, 2015, through its takeover of Lemur Resources.
Bushveld was admitted to the AIM of the London Stock Exchange in March 2012.