23 Dec 2016 07:00
23 December 2016 |
INVESTOR Q&A
Metminco Limited ("Metminco" or the "Company") (ASX: MNC; AIM: MNC) announces the publication of an investor Q&A to the company website, addressing questions from shareholders and relating to recent corporate activity.
This can be accessed at: http://www.metminco.com.au/irm/content/investor-q-a.aspx?RID=406.
No new material financial or operational information will be included in this Q&A.
William Howe
Managing Director
For further information, please contact:
METMINCO LIMITED | ||
Stephen Tainton / Phil Killen | Office: +61 (0) 2 9460 1856 | |
NOMINATED ADVISOR AND BROKER | ||
RFC Ambrian | ||
Australia | ||
Will Souter / Nathan Forsyth | Office: +61 (0) 2 9250 0000 | |
United Kingdom | ||
Charlie Cryer | Office: +44 (0) 20 3440 6800 | |
JOINT BROKER | ||
SP Angel Corporate Finance LLP (UK) | ||
Ewan Leggat | Office: +44 (0) 20 3470 0470 | |
PUBLIC RELATIONS | ||
Camarco United Kingdom | ||
Gordon Poole / Tom Huddart | Office: + 44 (0) 20 3757 4997 |
Notes to editors
Metminco Limited is an exploration and mining company, dual listed on the Australian Stock Exchange and London Stock Exchange, with a portfolio of projects located in Peru, Colombia and Chile. The Company's focus is advancing its Quinchia gold portfolio in Colombia and the Los Calatos copper project in Peru. The Company also has exposure to molybdenum, gold and zinc via its projects in Peru and Chile.
Quinchia Gold Portfolio (100%)
On 20 June 2016, Metminco acquired Miraflores Compania Minera SAS (formerly Minera Seafield SAS) for an equity consideration as well as deferred cash payments payable annually over the following four years. Miraflores Compania owns 100% of the Quinchia Gold Portfolio, which is located in Colombia's Middle Cauca Belt and contains a number of deposits and significant exploration and development targets including Miraflores, Dosquebradas, Tesorito and Chuscal. The portfolio has a NI 43-101 estimated Mineral Resource of 2.8 million ounces of gold.
Miraflores is the near term development opportunity. It has a Measured and Indicated Mineral Resource of 9.19 million tonnes at 2.81g/t gold and 2.76g/t silver (832,000 oz Au and 817,000 oz Ag). A recent Scoping Study focussed on an underground operation producing 50,000 ounces of gold per annum for 9 years. The focus is now on the conduct of the planned Feasibility Study.
The Los Calatos Project (49%)
Through its wholly owned subsidiary, Minera Hampton Peru SAC, Metminco holds a 49% interest in Los Calatos, which is located in Southern Peru near three large operating copper-molybdenum mines, namely Cuajone, Toquepala and Cerro Verde. Molybdenum constitutes a significant by-product of copper mining from this belt.
The detailed re-logging program that was conducted on the Los Calatos drill core in late 2014 and early 2015, resulted in an estimated mineral resource of 352 million tonnes at a Cu grade of 0.76% and a Mo grade of 318 ppm (2.76mt Cu and 111,936t Mo Metal). The development prospects of the project have been significantly enhanced by the agreement signed on 14 June 2016 with CD Capital Natural Resources Fund III LP to fund the completion of the Pre-feasibility and Feasibility Studies, and acquire up to 70% of equity in the project for an investment of up to US$45 million.
As per the Agreement with CD Capital, the Company will use its best endeavours to distribute at least 90% of its holding in Hampton Mining (the wholly owned subsidiary holding its interest in the Los Calatos Project) to its shareholders within six months of completion of the transaction.