Last checked at 
24 Jan 2014 07:00
24 January 2014
Strategic Minerals Plc
("Strategic Minerals", "Group" or the "Company")
Statement re share price movement and general update
The Board of Strategic Minerals Plc (AIM: SML; USOTC: SMCDY), the magnetite iron ore producer and exploration company, notes the recent rise in the Company's share price and confirms that it knows of no reason for the movement.
Operations Update
The Company's Cobre stockpile in New Mexico generated revenues of approximately US$38 million, subject to audit, in fiscal 2013 (2012: US$6m). A total of approximately 438,000 dry metric tonnes of magnetite were shipped (2012: 65,000). This would have been nearer to 500,000 dry metric tonnes but a shipment scheduled for the end of December 2013 was delayed until the New Year. Gross margin improved significantly in H2.
While, the primary focus for Strategic Minerals remains the monetisation of its tailings business, the Company is pursuing an exploration programme on both its Iron Glen and Jotanooka tenements in Australia. At Iron Glen the exploration programme aims to define an economically viable high grade magnetite concentrate of at least 5 million tonnes (up from 0.6 million tonnes*). At Jotanooka, the objective is to establish whether the tenement contains an extension of the large SinoSteel Corporation magnetite deposit, located adjacently.
* JORC compliant inferred resource of potential magnetite concentrate as previously announced on 21 February, 2012.
Corporate Update
Strategic Minerals remains focused on adding additional stockpile assets and management continues to actively pursue a number of opportunities in that regard. The ability of the Company to pursue any further acquisition opportunities would be dependant on its ability to access additional capital.
For further information:
Company | |
Strategic Minerals plc | |
Paul Harrison, CEO | +44(0) 20 7930 6009 |
Nominated Adviser/Joint Broker | |
Allenby Capital Limited | |
Jeremy Porter / James Reeve | +44 (0) 20 3328 5656 |
Joint Broker | |
Daniel Stewart & Company Plc | |
Sean Lunn / David Hart | +44 (0) 20 7776 6550 |
Financial PR | |
Tavistock Communications | |
Jos Simson | +44 (0) 207 920 3150 |
About Strategic Minerals:
Strategic Minerals PLC (AIM: SML) is developing a portfolio of projects that provide near term production along with those that potentially offer longer term capital gains. Strategic Minerals currently holds iron ore stockpile assets in North America and exploration properties in Australia. The Company's current operations comprise magnetite production at the Cobre stockpile in New Mexico and it is actively seeking to acquire and develop other projects within the same segment. www.strategicminerals.net
