Last checked at 2 Jul 2019 16:23
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Increased investment in Ascendant Resources Ltd.
George Town, Cayman Islands - July 3rd, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is very pleased to announce that it has increased its investment in Ascendant Resources Ltd by acquiring 190,000 shares, and now owns 2,242,000 shares, or 2.91% of Ascendant's shares outstanding.
ABOUT ASCENDANT RESOURCES INC.
Ascendant is a Toronto-based mining company focused on its 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras and its high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal.
After acquiring the El Mochito mine in December 2016, Ascendant spent 2017 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito, a mine in production since 1948, to deliver record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2018 and beyond. With a significant land package of approximately 11,000 hectares in Honduras and an abundance of historical data, there are several near-mine and regional targets providing longer-term exploration upside which could lead to further Mineral Resource growth.
Ascendant holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding the already-substantial defined Mineral Resources and testing additional known targets. The Company's acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase its interest in the Project upon completion of certain milestones.
ABOUT MINERAL AND FINANCIAL INVESTMENTS LIMITED
Mineral and Financial Investments Ltd is an investment company whose purpose is to create value for its shareholders by investing in, financing of, and advising companies active in the natural resources sectors, with a particular emphasis on mining and exploration companies. Investments will be made in the securities of quoted and un-quoted companies and their assets, units in open-ended investment companies, exchange traded funds, physical commodities, derivatives, and other hybrid securities.
As the Company's assets grow the intention is to diversify company, geographic, and commodity risks. The Company will have a blend of passive and active investments and, if and when appropriate, it may seek to gain control of an investee company.
Returns to Shareholders are expected to be by way of growth in the value of the Company's Ordinary Shares. The Company may also from time to time make market purchases to buy in the Company's Ordinary Shares if the Directors consider this to be in the interests of Shareholders as a whole.
FOR MORE INFORMATION:
James Lesser, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 382 8300