Last checked at 7 Feb 2018 07:00
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
7 February 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Exercise of Warrants
Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted, US-focused copper exploration and development company, has issued 530,951 new ordinary shares of nil par value ("Ordinary Shares") as a result of an exercise of 530,951 warrants exercisable at 2.1p each (the "Warrant Shares").
Application will be made for the Warrant Shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on or around 8.00a.m. on 12 February 2018.
Following the issue of the Warrant Shares, the issued share capital of the Company will consist of 230,286,473 Ordinary Shares. No shares were held in treasury at the date of this announcement. The current total voting rights in the Company are therefore 230,286,473.
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.
**ENDS**
For further information please visit www.pgmining.com or contact:
Phoenix Global Mining Ltd | Dennis Thomas & Richard Wilkins | c/o St Brides Partners +44 20 7236 1177
|
SP Angel (Nominated Advisor)
| Lindsay Mair / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Broker) | Jonathan Evans / Oliver Stansfield/ Alex Walker/Robert Beenstock
| Tel: +44 20 3463 5000 |
St Brides Partners (Financial PR) | Charlotte Page / Susie Geliher | Tel: +44 20 7236 1177 |
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA back into production.
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 7,000t copper cathode per annum by 2020. 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 Feasibility Study 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 US Cobalt. Early stage exploration is underway with drilling targeted to commence in 2018.
With a management team that has successfully constructed, commissioned and operated mines and a low risk, mining-friendly jurisdiction with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal producing company, offering exposure to two high demand technology metals with compelling demand/supply fundamentals.