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23 Jan 2019 07:00
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
23 January 2019
Jangada Mines plc ('Jangada' or the 'Company')
Royalty Update
Jangada Mines plc, a natural resources company developing South America's largest and most advanced platinum group metals ('PGM') and nickel project, has been informed that SilverStream SEZC ("SilverStream"), a dedicated precious metals streaming and royalty business with investments across Australasia, North and South America, has acquired the existing 1% Net Smelter Royalty ('NSR') on the Pedra Branca project from Solitario Zinc Corp. ("Solitario") (NYSE American: XPL; TSX: SLR). This was described by Silverstream as "the centrepiece" royalty in a transaction which included one other royalty and an option to purchase a third royalty for a total consideration of CAN$600,000.
Brian McMaster, Chairman of Jangada, said: "We are delighted to welcome Silverstream as a partner in the Pedra Branca project. SilverStream has recognised the value in Pedra Branca and this transaction is the latest step in the 3rd party validation of Pedra Branca as we advance through the verification stages of the BFS this quarter. The BFS team in South Africa and the project team in Brasil are working very hard at progressing the study and we are looking forward to another busy year."
* ENDS *
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information, please visit www.jangadamines.com or contact:
Jangada Mines plc | Brian McMaster (Chairman) | Tel: +44 (0) 20 7317 6629 |
Strand Hanson Limited (Nominated & Financial Adviser) | James Spinney Ritchie Balmer Jack Botros | Tel: +44 (0)20 7409 3494 |
Brandon Hill Capital (Broker) | Jonathan Evans Oliver Stansfield | Tel: +44 (0)20 3463 5000 |
St Brides Partners Ltd (Financial PR) | Isabel de Salis Gaby Jenner | Tel: +44 (0)20 7236 1177 |
About Pedra Branca
Pedra Branca currently has a JORC (2012) compliant resource of approximately 1.45 million ounces of PGM+Au at a grade of 2.5 g/t Pd Eq (1.3 g/t PGM+Au), 140 million pounds of nickel, 26 million pounds of copper and 6.7 million pounds of cobalt. The completed Scoping Study and Preliminary Economic Assessment has confirmed the Project's robust economics; with a NPV of US$192 million, IRR of 67% and 1.6 year payback. In addition to the PGM resource, high grade nickel mineralisation has been discovered and is understood to be the right composition to be suitable for usage in emerging battery technologies.
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