Last checked at 22 May 2019 07:00
22 May 2019
URU Metals Limited
("URU" or "the Company")
Statement regarding media speculation
URU announces that the Company had uploaded a new corporate presentation to its website in error. The full presentation can be viewed via the following link http://www.rns-pdf.londonstockexchange.com/rns/7738Z_1-2019-5-21.pdf and will be made available on the Company's website shortly.
The presentation contains the following historical and current overview updates in relation to the Company's Zebediela Project ("Zebediela" or the "Project"):
· Following the ground-based geophysics survey conducted over a portion of the Zebediela Project as announced 16 October 2018, the Company has identified drill targets which it intends to follow up with further geological mapping and with diamond core drilling of 6 holes (as announced in the RNS dated 16th October 2018) with the intention of increasing the strike extent of Nickel Platinum Group Element, ("Ni-PGE") mineralisation and to target a maiden Inferred JORC resource of up to 60 Million tonnes of Ni-PGE mineralisation. This target resource will be dependant on the successful intersection of Ni-PGE mineralisation, as well as the extent and continuity of the mineralisation intersected.
· The Company also intends to submit a Mining Right Application to the South African Department of Mineral Resources to enable the Company to extend the validity of the Zebediela mineral rights for a further 30 years once the current prospecting right expires in December 2021, as per South African legislation. Furthermore, this will allow the Zebediela Project to advance towards production. This is a natural progression from the steps relating to the renewal of the prospecting rights as announced on 04 December 2018.
· As part of the Mining Right application process, the Company will have to submit an application for Environmental Authorisation for the Zebediela Project, which requires that the company conduct an Environmental Impact Assessment, ("EIA").
As previously disclosed by the Company in its Full Year Results to 31 March 2018, the project management, coordination of the mining rights application and mineral rights management services have been contracted out to Umnex Mineral Holdings (Pty) Ltd which forms part of the Company's medium-term objectives.
It is estimated that a budget of US$1m will be required to enable the Company to undertake this planned work programme in 2019 and 2020, which is consistent with previous project expenditure. Shareholders should however note that this budget has not been finalised and is based on management internal assumptions. As such, the Company will need to seek further funding to allow the work programme to be undertaken. The Company will update the market with regard to any funding as soon as any funding has been secured.
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.
For further information, please contact:
URU Metals Limited John Zorbas (Chief Executive Officer)
| +1 416 504 3978
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat | + 44 (0) 203 470 0470 |
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SVS Securities Plc (Joint Broker) Tom Curran
| +44 (0) 203 700 0093 |