7 Jan 2021 14:36
7 January 2021
The Minto Mine Operator Agreement and Covid 19 Update
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces that the Operator arrangement in relation to the Minto mine has been terminated as of 1 January 2021.
In January 2020 the Minto Board, in agreement with the Joint Advisory Committee ("JAC"), which represents the combined ownership interests of Pembridge, Cedro Holdings and Copper Holdings in Minto Explorations Ltd. ("Minto"), appointed Minto Management Ltd. as an Operator under a contract with Minto. The Operator acted as the advisor to the Minto General Manager and provided direction to senior members of staff on day-to-day matters and has helped Minto to develop its operations.
The Minto Board and JAC feel that it is desirable now to consolidate management expertise into Minto Explorations Limited itself, rather than to continue with the third-party Operator, with the effect that the Minto Board, having given notice to the Operator in December 2020, has now terminated the relationship as of January 1st, 2021.
As of 5 January 2021, the Yukon Government has approved Minto's Plan for Alternative Self-isolation, which has been endorsed by the Office of the Chief Medical Officer of Health. As a result of this approval, all our staff will no longer be required to quarantine for 14 days in Whitehorse prior to commencing their shift at the mine. This will have a positive impact on both the costs and operational efficiency at Minto.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"The Operator has played an important part in helping the Minto team towards its achievements so far in the year, which included sending three concentrate shipments to its customer in Japan and opening up the Copper Keel mining area. However, this was a transitional role, and it is now time for Minto to move forward under its in-house management expertise.
The support of the Yukon Government has been continuous during these difficult times and the latest approval of the Alternative Self-Isolation plan is an important additional step in supporting our mining operations, for which the Minto management and investors are grateful."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans