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Leigh Creek Copper Project Work Programme Set

26 Apr 2018 07:00

RNS Number : 1546M
Strategic Minerals PLC
26 April 2018

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.

26 April 2018

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Leigh Creek Copper Project Work Programme Set

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to inform the market that, after careful review, it has adopted an operational strategy to recommence operations at Leigh Creek Copper Mine ("LCCM"), in South Australia, with full production expected around mid-2019.

The key goals of the work programme will be to deliver the following:

A low-risk processing option for the Mountain of Light and Lyndhurst projects

An extension of the existing mine plan of approximately 5 years, including the following deposits1:

o Paltridge North

o Rosmann East

o Existing heap leach pads

o Mt Coffin

o Lynda

o Lorna Doone

Refurbishment of the Mountain of Light processing plant

Completion of the approvals for the Mountain of Light Project

As a result of this work at LCCM, the Company expects to:

Increase the quoted JORC resource by reflecting current metal prices and improved processing recoveries

Convert a proportion of the mineral inventory to a JORC Reserve

Complete an exploration plan to increase global resources

Select the most appropriate metallurgy process to increase recoveries

Finalise permits and licencing

Recommission the plant

Start production from existing heaps in mid-2019

The work programme gives the Board greater confidence of the commencement of production in 2019. The Board also reiterates its belief that the recommissioning can be internally funded from existing Company cash balances.

Commenting, John Peters, Managing Director of Strategic Minerals, said:

"The Company is fully committed to the recommissioning of LCCM and this proposed work programme sets out a clear path to achieve this. Furthermore, we are pleased to report that the Company still expects to be able to fund the works required from its own resources.

"The Board believes the commencement of production from LCCM should prove truly transformational for the Company, providing a second profitable revenue stream to complement that currently being derived from our Cobre operation.

"We are particularly pleased with the team of Jon Reynolds and Jonathon Trewartha who have devised the work programme and who will oversee its implementation."

For further information, please contact:

Strategic Minerals plc

+61 (0)聽414聽727聽965

John Peters

Managing Director

www.strategicminerals.net

Follow聽Strategic Minerals聽on:

Vox Markets:

https://www.voxmarkets.co.uk/company/SML/

Twitter:

@SML_Minerals

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser and Broker

Ewan Leggat

Laura Harrison

Yellow Jersey PR

+44聽(0)20 3735 8825聽

Financial PR

Charles Goodwin

+44 (0)7747 788 221

Joe Burgess

+44 (0)7769 325 254

Henry Wilkinson

+44 (0)7951 402 336

Notes to Editors

Strategic Minerals Plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.

In September 2011, Strategic Minerals acquired the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012聽and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects orientated to supplying the burgeoning electric vehicle/battery market.

In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for cobalt, gold, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd.

In May 2016, an additional exploration asset was acquired when the Company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition was completed in February 2017 and a drilling programme completed in 2017 resulted in a significant upgrade of the resource.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia and is currently working to bring this into operation in 2019.

This information is provided by RNS
The company news service from the London Stock Exchange
END
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Date   Source Headline
20th Mar 20247:00 amRNSDuchy of Cornwall Mineral Rights Agreement
7th Mar 20247:00 amRNSCobre Sales Update
8th Feb 202411:41 amRNSCobre Sales Update and Cash Management
18th Jan 20247:00 amRNSCobre Update
10th Nov 20237:00 amRNSCompletion of Deep Digital Cornwall Project
11th Oct 20237:00 amRNSMoU Signed with Oxford Sigma Limited
28th Sep 20237:00 amRNSInterim Results - Half Year to 30 June 2023
18th Jul 20233:28 pmRNSResult of AGM
14th Jul 20237:00 amRNSUpdate on Projects
21st Jun 20237:00 amRNSFinal Results for the Year Ended 31 December 2022
25th Apr 20237:00 amRNSQ1 2023 Magnetite Sales and Cash Balances
21st Mar 202311:00 amRNSPrice Monitoring Extension
7th Mar 202311:05 amRNSSecond Price Monitoring Extn
7th Mar 202311:00 amRNSPrice Monitoring Extension
9th Feb 20237:00 amRNSQ4 2022 Magnetite Sales and Cash Balances
30th Jan 20234:35 pmRNSPrice Monitoring Extension
18th Jan 20239:05 amRNSSecond Price Monitoring Extn
18th Jan 20239:00 amRNSPrice Monitoring Extension
17th Jan 20234:40 pmRNSSecond Price Monitoring Extn
17th Jan 20234:35 pmRNSPrice Monitoring Extension
29th Dec 20227:00 amRNSLodgement of additional PEPR at Leigh Creek
24th Oct 20224:41 pmRNSSecond Price Monitoring Extn
24th Oct 20224:35 pmRNSPrice Monitoring Extension
20th Oct 20227:00 amRNSQ3 2022 Magnetite Sales and Cash Balances
21st Sep 20227:00 amRNSInterim Results - Half Year to 30 June 2022
14th Sep 20227:00 amRNSRedmoor - Deep Digital Cornwall Update
9th Sep 20224:41 pmRNSSecond Price Monitoring Extn
9th Sep 20224:35 pmRNSPrice Monitoring Extension
6th Sep 202210:31 amRNSHolding(s) in Company
20th Jul 20227:00 amRNSQ2 2022 Cobre Magnetite Sales and Cash Balances
6th Jul 20222:52 pmRNSResult of AGM
30th Jun 20223:47 pmRNSDirector Dealing
29th Jun 20226:02 pmRNSDirector Dealing
29th Jun 20222:06 pmRNSSecond Price Monitoring Extn
29th Jun 20222:00 pmRNSPrice Monitoring Extension
29th Jun 20221:57 pmRNSPEPR Approved
10th Jun 20227:00 amRNSResults for the Year Ended 31 December 2021
22nd Apr 20227:00 amRNSQ1 2022 Magnetite Sales and Cash Balances
21st Apr 20227:00 amRNSRedmoor Update
1st Apr 20224:41 pmRNSSecond Price Monitoring Extn
1st Apr 20224:35 pmRNSPrice Monitoring Extension
28th Mar 20227:00 amRNSCobre Access Extended Until 31 March 2027
3rd Mar 20221:46 pmRNSCobre Access Rollover Confirmed
21st Feb 20224:41 pmRNSSecond Price Monitoring Extn
21st Feb 20224:36 pmRNSPrice Monitoring Extension
31st Jan 20222:01 pmRNSPrice Monitoring Extension
27th Jan 202210:03 amRNSDirector/PDMR Shareholding
26th Jan 20229:20 amRNSQ4 Magnetite Sales and Cash Balances
5th Jan 202211:33 amRNSLeigh Creek Copper Mine - Revised PEPR Submitted
30th Dec 20214:41 pmRNSSecond Price Monitoring Extn

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