Haulage of Minto Concentrate

RNS Number : 0767B

Pembridge Resources plc

28 January 2020

 

28 January 2020

Pembridge Resources plc

Haulage of Minto Concentrate Commenced

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company"), and together with its subsidiary, Minto Explorations Ltd ("Minto"), is pleased to provide the following update at the Minto mine:

Haulage of the copper concentrate ("Concentrate") commenced on 26 January 2020.

Highlights

·      Concentrate is hauled circa 450km south by road to the ore storage terminal facility at the port of Skagway, Alaska (the "Ore Storage Facility")

·      The Yukon river requires crossing to access the Klondike Highway

·      From 24 January 2020, the ice across the Yukon river has been thick enough to drive concentrate haulage trucks across ("Ice Bridge")

·      Haulage will be continuous until the Ice Bridge breaks up during in spring, due to warmer weather and rising river levels. Haulage will then recommence in June, when summer barging operations commence

·      The Concentrate will be stored under cover at the Ore Storage Facility until there is a sufficient quantity to ship

·      First shipment of Concentrate from Skagway is expected to take place in March

Access to the Minto mine requires crossing the Yukon river at Minto Landing, located between Carmacks and Pelly Crossing. The river is crossed by barge in the summer when there is sufficient depth of water, and over a temporary Ice Bridge in winter when the river is frozen. At other times (late-October to mid-January and early-April to early-June) the Minto mine is only accessible by air.

The Ore Storage Facility has been used to store Concentrate since operations commenced at the Minto mine in 2007. The Minto mine has a storage capacity of 14,000 wet metric tonnes and the Ore Storage Facility has a storage capacity of 34,000 wet metric tonnes of Concentrate. Shipment sizes of Concentrate can range from 7,000 and 14,000 wet metric tonnes. Shipments will be made to Japan.

Concentrate produced by the Minto mine contains 35-40% copper in concentrate, with gold and silver by-products. The first 55,000 wet metric tonnes of Concentrate produced following the recommencement of operations, as announced on 15 October 2019, is covered under an offtake agreement with Sumitomo Canada Limited, as announced 22 July 2019.

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board said:

"We have commenced the haulage of Concentrate on time as planned. The haulage contractors, Lynden Transport, will be working day and night now until the Ice Bridge breaks up, to get as much of the concentrate stored at the Minto mine, down to the Ore Storage Facility on the dock at Skagway, ready for shipping. We look forward to making the first shipment of Concentrate to Japan at the end of March "

ENDS

For further information contact:

Pembridge Resources plc:                                                                  [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

Paul Fenby, Chief Financial Officer

Thomas Horton, Vice President Corporate Development

Brandon Hill Capital - United Kingdom:                                            [phone]

Jonathan Evans

SI Capital - United Kingdom:                                                              [phone]

Nick Emerson          

 

END

 

 

DRLPPUPGGUPUPGM