Last checked at 5 Jun 2020 10:03
The following amendment has been made to the 'Macarthur JV Partner Completes Royalty Sale' announcement released on 05/06/2020 at 7am under RNS No 0300P.
'Cadence holds approximately 4.1% of the issued equity interest in Macarthur'
Has been replaced with:
'Cadence holds approximately 3% of the issued equity interest in Macarthur'
All other details remain unchanged. The full amended text is shown below.
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited completes sale of Evanston royalty and is now set for exploration at the Hillside Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") Joint Venture Partner, Fe Limited ("FEL") has announced the completion of the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.
TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has purchased the royalty for $7 million. FEL has received the first payment of $3.5 million with a further instalment of $3m payable in 12 months. FEL now has cash in the bank of $5.2 million and fully funded to commence exploration work at the Hillside Copper and Gold Project in the Pilbara region of Western Australia.
FEL is currently finalising plans to conduct a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project. The survey will cover a section of the previously identified gossan line as well as a series of individual FELM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.
Macarthur President and Executive Chairman Cameron McCall commented: "We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur's Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging."
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5901381898498103&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.