Last checked at 27 Jun 2017 12:23
Cadence Minerals Plc
("Cadence Minerals"or "Cadence")
Infill Drilling Commenced at Cinovec Project
Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that European Metals Holdings Limited ("EMH" or "the Company") has declared the maiden Ore Reserve at the Cinovec Lithium / Tin Project in the Czech Republic. In addition, EMH has appointed Mr Richard Pavlik to the Board of Directors, and secured short-term funding.
Cadence holds a 20.76% economic interest in Cinovec, via its interest in EMH.
The full EMH release is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13273717.html
Highlights from the EMH Release:
· Maiden Ore Reserve of 34.5 Mt @ 0.65% Li2O declared for Cinovec Project |
· Mr Richard Pavlik, current in-country manager, appointed as Director |
· Short term funding secured |
ORE RESERVE STATEMENT
Based upon the Preliminary Feasibility Study undertaken for the Cinovec Project, the Company declares a maiden Probable Ore Reserve of 34.5 Mt @ 0.65% Li2O, as detailed below. The Probable Reserves have been declared solely from the Indicated Mineral Resource category and are classified based on a PFS level of study and category of Mineral Resource.
CINOVEC ORE RESERVES SUMMARY | |||||
Category | Tonnes | Li | Li20 | Sn | W |
(Millions) | % | % | % | % | |
Proven Ore Reserves | 0 | 0 | 0 | 0 | 0 |
Probable Ore Reserves | 34.5 | 0.30 | 0.65 | 0.09 | 0.03 |
Total Ore Reserves | 34.5 | 0.30 | 0.65 | 0.09 | 0.03 |
Notes to Reserves Table.
1. Probable Ore Reserves have been prepared by Bara International in accordance with the guidelines of the JORC Code (2012).
2. The effective date of the Probable Ore Reserves is June 2017.
3. All figures are rounded to reflect the relative accuracy of the estimate.
4. The operator of the project is Geomet S.R.O. a wholly-owned subsidiary of EMH. Gross and Net Attributable Probable Ore Reserves are the same.
5. Any apparent inconsistencies are due to rounding errors.
For further information please contact | |
Cadence Minerals plc | +44 (0) 207 440 0647 |
Andrew Suckling | |
Kiran Morzaria | |
WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce | |
James Bavister | |
Square1 Consulting | +44 (0) 207 929 5599 |
David Bick | |
Brian Alexander |
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.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.