Last checked at 6 Apr 2020 07:00
Chesterfield Resources Plc/ EPIC: CHF/Market: LSE/ Sector: Mining
6 April 2020
Operational update
Chesterfield Resources Plc, the copper and gold exploration company in Cyprus, is providing an Operational update related to the COVID-19 pandemic.
Along with most of the developed world, the Republic of Cyprus has entered into a social-distancing lock-down to slow the contagion of COVID-19. The lock-down is relatively strict. People can only leave their homes with a permit, and at night they are forbidden from leaving their homes at all. However, the Mine Services Department is still open two days a week and the company was last week able to pay its licence rental fees to deadline.
As of April 5, 2020 there were 446 confirmed cases, with nine deaths, out of a population of 1.2 million people. Cyprus benefits from being both a relatively small island, and having a disciplined culture due to mandatory military conscription of all male citizens. The military is helping enforce the curfew. The Government has set April 13 as a date to review the lock-down. The company is assuming that the lock-down will continue, but is hopeful that some restrictions will start being lifted in May.
Clearly in such circumstances Chesterfield will be unable to re-commence its percussion drill programme in the immediate future as had been expected. However, when restrictions are eased the company is well-placed to quickly renew its programs. While air links to Cyprus have been halted, the company retains, on day rates, a number of experienced Cypriot geologists in country who well qualified to oversee drilling and logging. The percussion drill is located on the island, and is operated by a single family.
Martin French, Executive Chairman of Chesterfield commented, "During this period the technical team has been focussed on optimising our drill planning via conference calls. We are well positioned to recommence the drill programme once regulations allow. We are hopeful that given the remote nature of the work, and with proper controls, that our drilling operations will be viewed favourably as restrictions are lifted. We will bring more news as we have it. In the interim we hope all of our community stays well."
About Chesterfield Resources Plc
Chesterfield Resources is a copper-gold exploration and development Company active in Cyprus. The Company strategy is to generate value for shareholders by discovering and developing multiple deposits to production. Chesterfield is in the advanced stage exploration in on its Troodos West licence area, and has a large bank of licence areas elsewhere in Cyprus, either granted or under application.
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.
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For further information, please visit www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44(0)7901 552277
Brandon Hill Capital (Broker):
Jonathan Evans/Oliver Stanstead Tel: +44 (0) 203 463 5000
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