Last checked at 8 Apr 2019 10:49
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) Cinovec Project Update - Battery Grade Lithium Hydroxide Sample Produced - Clarification on Test Work Process.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by European Metals Holdings Limited ("European Metals" or "EMH"), providing further clarification for the outcomes from a recently completed engineering assessment of the flowsheet and subsequent testwork aimed at demonstrating the ability to produce lithium hydroxide from Cinovec Project ore. The move by the company to develop a process for the production of lithium hydroxide from the Cinovec project is in response to market forces that continue to move Czech and European manufacturers towards the production of advanced technology batteries.
Highlights:
· Flowsheet successfully developed and tested for the production of lithium hydroxide from Cinovec ore.
· A potential production rate in excess of 25,000 t/a lithium hydroxide has been demonstrated to be possible utilising a robust process route proven in the lithium production sector.
· A formal update of the project PFS reflecting the production of lithium hydroxide is underway and will be completed within the next 6 weeks.
The result of the testwork was the production of a sample of battery grade lithium hydroxide. The work concentrated on the grade of product produced and not recovery rates. The total amount of product produced was below 10 grams.
The data is now being used as the foundation for an update of the EMH PFS such that the final product from the process will be battery grade lithium hydroxide with the option to produce battery grade lithium carbonate should the market support both products. The relevant flowsheets will be available upon completion of this engineering work.
Cadence holds approximately 19.1 percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.
The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14032382.html
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For further information:
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 |
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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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Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
Jon Belliss |
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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.