Last checked at 6 Feb 2017 07:00
6 February 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Receipt of Shares in Cornwall Resources Limited
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, confirms that it has exercised its remaining option to purchase further shares in Cornwall Resources Limited ("CRL", formerly called "NAE Resources (UK) Limited"), making a payment of £843,649, and has been issued a further 248,864 shares in CRL. This brings SML's shares in CRL up to 309,837, which matches that of its joint venture partner, New Age Exploration Limited.
Commenting, Strategic Minerals' Managing Director, John Peters, said:
"The funding of the option payment now sets the framework in place for progressing the 2017 Redmoor tin/tungsten drilling programme near Kelly Bray, Cornwall. We look forward to updating the market on the drilling programme in the first quarter of 2017."
Please refer to the announcement made by the Company on 26th May 2016, for more information about the Redmoor tin/tungsten project and the particulars of the option to acquire up to a 50% interest in CRL.
For further information, please contact:
Strategic Minerals plc John Peters Managing Director www.strategicminerals.net
Follow Strategic Minerals on:Twitter: @SML_Minerals LinkedIn: strategic-minerals-plc
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 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 nickel sulphides and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into arrangements to take up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The Company completed the acquisition of these shares in February 2017.