Last checked at 31 Jul 2018 07:00
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
31 July 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Director/PDMR Shareholding
Phoenix Global Mining Ltd (LSE AIM: PGM), the AIM quoted, North American-focused base and precious metals exploration and development company, has been informed that Andre Cohen, a Non-Executive Director of the Company, and his wife, Kay Cohen, both sold 300,000 Shares of the Company each from their share accounts at 3.295p, and bought 300,000 Shares of the Company each via their Individual Savings Accounts ("ISAs") at 3.3p, to effect a transfer into their ISAs.
Andre and Kay Cohen's beneficial ownership over shares in the Company has not changed as a result of this transaction.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
a) | Name: | Andre and Kay Cohen | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status: | Andre Cohen: Non-Executive Director Kay Cohen: Wife of Andre Cohen | ||||||||
b) | Initial notification/Amendment: | Initial notification | ||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name: | Phoenix Global Mining Ltd | ||||||||
b) | LEI: | 2138006UWPZAB1A75680 | ||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument: Identification code:
| Shares of nil par value each
ISIN: VGG7060R1055 | ||||||||
b) | Nature of the transaction: | Transfer of shares from share accounts into ISA accounts | ||||||||
c) | Price(s) and volume(s): | Andre Cohen:
Kay Cohen:
| ||||||||
d) | Aggregated information: Aggregated volume: Price: |
| ||||||||
e) | Date of the transaction: | 27 July 2018 | ||||||||
f) | Place of the transaction: | AIM | ||||||||
**ENDS**
For further information please visit www.pgmining.com or contact:
Phoenix Global Mining Ltd | Dennis Thomas / Richard Wilkins | Tel: +44 7827 290 849 (Dennis) / +44 7590 216 657 (Richard)
|
SP Angel (Nominated Adviser and Joint Broker
| Lindsay Mair / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Joint Broker) | Jonathan Evans / Oliver Stansfield | Tel: +44 20 3463 5000 |
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a North American-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production and exploring for cobalt in Idaho and gold in Canada.
Having established an initial copper oxide JORC and NI 43-101 resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy. Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 8,000t copper cathode per annum. Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered. Preliminary Economic Analysis work on the priority open pit oxide resource is already underway. It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides.
The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine. These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and First Cobalt. Exploration will continue during 2018 to identify drilling targets.
The Company has also acquired an exclusive option to explore and develop the Gordon Lake Project, in the Northwest Territories, Canada, a high-grade shear hosted gold project comprising of 17 known mineralised zones of which only four have been tested with 59 diamond drill holes. The Company will proceed to examine the optimal way forward to develop the project as a low-cost underground gold producer.
With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base and precious metals producing company, offering exposure to three high value and high demand metals with compelling demand/supply fundamentals.