Last checked at 4 Apr 2018 11:01
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Lithium Update
Zinnwald Lithium Project in Germany
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Lithium plc (the "Company" or "Bacanora" - previously "Bacanora Minerals" - AIM: BCN), the London-listed lithium company, announces that the feasibility study for the Zinnwald Lithium Project in Germany continues on schedule. Following the completion of the infill drilling programme in December 2017, assay results are currently being collated. Work for the purposes of updating the resource estimate in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') will commence in Q2 2018 and will be followed by mine design and mine planning activities.
Work on the processing flow sheet has progressed through the crushing, grinding and magnetic separation stages and roasting testwork is now underway. Once this work is completed the metallurgical testwork will focus on the production of high value downstream lithium products, facilitated by access to product reagents from the chemical industries located in Dresden. The feasibility study remains on track for completion in Q2 2019.
The full release can be found at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13590519.html
Cadence holds approximately 8% of Bacanora's equity.
Kiran Morzaria, Chief Executive Officer of Cadence, commented:
"We are pleased that work on the Zinnwald Project is on schedule with the feasibility study completion on track for early next year."
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For further information, please contact. |
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Cadence Minerals plc | +44 (0) 207 440 0647 |
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce James Sinclair-Ford |
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Hannam & Partners LLP (Joint Broker) | +44 (0) 207 907 8500 |
Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting | +44 (0) 207 929 5599 |
David Bick |
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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.
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 GBP20 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.