Update - Bacanora Minerals

RNS Number : 3927V

Cadence Minerals PLC

02 November 2017

 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Feasibility Study Update and Surface Rights Secured for Sonora Lithium Project 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Bacanora Minerals (AIM: BCN, TSXV: BCN) ("Bacanora") has secured access and surface rights for the Sonora Lithium Project ("Sonora" or the "Project") in Mexico. This is in line with Bacanora's strategy to construct an open-pit mine and large-scale beneficiation processing facility at Sonora, which is one of the world's larger deposits.  In addition it has further progressed its Feasibility Study ("FS") for a 35,000 tonnes per annum lithium carbonate operation at Sonora. The FS is on course for completion in late 2017. 

Highlights from the Bacanora Release

·      The access and surface rights mainly relate to the land area covering mineral resources contained within the La Ventana, Fleur and El Sauz areas.

·      Bacanora has entered into binding agreements to acquire the freehold to two parcels of land which, following completion of the FS, will provide with unrestricted access to develop the Project and operate it for the initial life of mine.

·      Siginificant progress toward the completion of the FS by the end of 2017 has been made;

·      Vendor quotes for the supply of equipment have been received

·      Reagent and chemical supply pricings have been received

·      Mass and Energy Balances and detailed flow sheets completed

·      The pilot plant in Hermosillo continues to operate to produce battery grade lithium carbonate product samples and Bacanora receives ongoing feedback from future customers in Asia.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7518385809616384&qm_symbol=BCN

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

"Securing the access and surface rights represents another major step for the Sonora Project in delivering its planned, large scale lithium production facility."

- Ends -

For further information, please contact.
Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
James Bavister
Hannam & Partners LLP (Joint Broker)	[phone]
Neil Passmore
Giles Fitzpatrick
Square1 Consulting	[phone]
David Bick

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 is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

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.

 

END

 

 

MSCGCBDBRUGBGRD