Chesterfield Resources PLC Regulatory News (CHF)

Chesterfield Resources Plc / EPIC: CHF / Market: LSE / Sector: Mining

13 January 2021

Board appointment

Chesterfield Resources is pleased to announce that it has appointed Evgeny Vrublevskiy to its Board of Directors. Mr Vrublevskiy is the nominated director of Polymetal International, the FTSE 100 gold and silver mining company which recently took a strategic stake in Chesterfield. He runs Polymetal's office in Cyprus, which serves as the group headquarters, and is also Head of Treasury, with oversight of all finance and accounting matters at Polymetal. Mr Vrublevskiy has a 15 year career in banking and financial services. 

Said Executive Chairman Martin French "We are very much looking forward to working with Evgeny (also known as "Eugene") on our Board. He brings strong financial experience, a good contact base in Cyprus and will help Chesterfield develop its relationship with Polymetal. We have been impressed in our engagement with the team at Polymetal and are optimistic about building value with our new strategic partner. Chesterfield is continuing to build out its own team ahead of its 2021 enlarged exploration campaign, and other programmes. We will have more news about this soon."

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About Chesterfield Resources

Chesterfield Resources is a copper-gold exploration company active in Cyprus, where it holds the largest mineral exploration licence area of any operator on the island. Polymetal International, the FTSE 100 mining group, recently announced it had taken a 23% strategic investment in Chesterfield via a placing of new shares.

Cyprus is regarded as a good quality exploration location. It is a member of the EU, and its legal system is based on English common law. There has been minimal exploration activity on the island in the last 46 years since the invasion by Turkey in 1974 put a halt to what had been a very active mining industry.

Since that time, exploration technology and geological knowledge has improved significantly. The company is exploring for VMS (Volcanogenic Massive Sulphide) deposits, which typically occur in stacks and clusters. Historically only those deposits which were visible from surface have been mined. It is believed that many more deposits remain undiscovered buried near surface, and the company is using modern techniques to locate them.

While copper is the main exploration target, it is noteworthy that gold was not historically exploited in Cyprus as its price was pegged to just $35 per ounce when the mining industry was active in the 1960s and 1970s (less than 50 times today's price). Gold has been encountered in several locations in the exploration target area and is an important part of the exploration objective.

The company's highly experienced exploration team is led by Dr Neil O'Brien, formally Senior Vice President, Exploration and New Business Development, Lundin Mining, assisted by Dave Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike Parker, previously a senior geologist with First Quantum Mining

The current focus of exploration is in the Troodos West group of licences belonging to the company, with around 30 defined targets in an area measuring 10km by 10km. The objective is to discover several VMS deposits in close proximity to each other to create a mining project with a centralised processing unit. The company is now in planning for its fully-funded 2021 campaign of geophysics and diamond drilling.

Chesterfield Resources is committed to world-class environmental standards in all of its operations to mine copper, which is essential to developing clean technology projects worldwide. The company hopes to develop industry and opportunities for the benefit of the Republic of Cyprus.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

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