The following amendment has been made to the 'Update - Macarthur Minerals' announcement released on 14/12/2018 at 09:39 under RNS No 5190K.
The following paragraph has been amended to reflect Cadence's holding in Macarthur Minerals:
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
All other details remain unchanged.
The full amended text is shown below.
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Update on High Grade Moonshine Magnetite and Ularring Hematite Projects
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") has provided an update the Moonshine Magnetite and Ularring Hematite Projects ("Projects") based upon revised production strategy and cost estimates, resulting in reduced Opex and Capex estimates. Cadence currently holds approximately 10% of the equity of Macarthur Minerals.
Highlights:
· Capacity at Port of Esperance now available
· Capacity on rail network available
· Hematite DSO Opex estimate reduced to A$42/tonne ("t") shipped free on board ("FOB")
· Magnetite Opex estimate reduced to $55/tonne FOB
· Capex estimate for a combined project reduced to US$335 million
· High margin for premium magnetite product >65% Fe
Macarthur has re-evaluated both the hematite and magnetite projects in response to current market trends of heavy discounting of low-grade iron ore and premium pricing for high grade iron ore. Additionally, Macarthur has been preparing to take advantage of the cessation of operations by Cleveland Cliffs Inc., which has paved the way for access to both rail and port infrastructure. This has been the greatest impediment to advancing the Projects into a production phase.
Mr Andrew Hawker, a member of the Australian Institute of Geoscientists, is a full-time employee of Hawker Geological Services Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Hawker has reviewed and approved the technical information contained in the Macarthur news release.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6946082994529972&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "Cameron McCall and his team have provided a timely re-evaluation of Moonshine and Ularring projects. As well as a reduction in Opex and Capex estimates, the Macarthur investment case has also been strengthened by the access to rail and port infrastructure following cessation of operations by Cleveland Cliffs. We look forward to the next phase of developments."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
- Ends -
For further information:
For further information:
Cadence Minerals plc |
+44 (0) 207 440 0647 |
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
James Joyce |
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James Sinclair-Ford |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
Neil Passmore |
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Giles Fitzpatrick |
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Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
Jon Belliss |
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
