22 Apr 2020 07:00
22 April 2020
Minto Operation Update for Q1 2020
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the result of the Minto mine's operations in the first quarter of 2020.
Highlights
· 6,975 wet metric tonnes (Q4 2019: 7,167 wet metric tonnes) of concentrate was produced during the first quarter of 2020
· Payments of US$18.7m received by Minto from Sumitomo, of which US$5.4m related to December 2019 production (Q4 2019: US$7.1m)
· 14,142 wet metric tonnes of concentrate have been transported from the mine to the port at Skagway, ready to be shipped - this represents all concentrate production from Q4 2019 and Q1 2020.
The receipts of US$18.7m received by Minto from Sumitomo are an Advanced Payment to Minto for 90% of the estimated value of concentrate produced at the Minto mine. The final, balancing payment ("Final Invoice") will be paid on delivery to Japan, subject to the quotation period as per the terms of the Offtake Agreement, which is defined as third calendar month after month of arrival in Japan. The Final Invoice will consist of the remaining 10%, plus or minus any commodity price changes to the Advanced Payments made, less accrued interest.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"These results are encouraging in the context of severe winter conditions and the impact of the COVID-19 virus on both the copper price and staff movements. Although the quarantine restrictions are affecting operations, they are a necessary measure that should enable the mine to continue operating safely as long as Yukon Government regulations permit this and the safety of all staff working at the mine is not compromised."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is currently suspended from listing 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. Minto, a subsidiary of Pembridge, is 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