Appointment of COO and Update on Nayega Mn Project
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
29 April 2019
Keras Resources plc ('Keras' or the 'Company')
Appointment of Chief Operating Officer and Update on Nayega Manganese Project
Keras Resources plc, the AIM listed mineral resource company, is pleased to provide an update on activities at its flagship asset, the Nayega Manganese ('Mn') Project in northern Togo ('Nayega' or 'the Project') and to announce the appointment of Mr. Graham Stacey as Keras Chief Operating Officer.
Highlights
· The Government of Togo and Keras have finalised the drafting of the Nayega Mining Convention and all documentation related to the Nayega Exploitation Permit application
o The agreements require ministerial authorisation prior to the granting of the permit
· Mr. Graham Stacey appointed Chief Operating Officer to ensure a seamless transition into commercial production at Nayega
· Shipping vessel departed Port Lomé on Thursday 26 March completing the 10,000 tonnes bulk sample
Russell Lamming, Chief Executive Officer of Keras, commented, "I am pleased to provide this update which is the result of 6 months of hard work by our management team and the authorities in Togo. We have spent a significant amount of time with the Togolese authorities to secure an agreement which will underpin the success of Nayega over the next decade and provide robust cashflows going forward. In addition to the commercial benefits to both the Republic of Togo and Keras shareholders, the agreements include a Social and Labour plan which will provide funding into the local communities surrounding the mining operation. We expect authorisation prior to the wet season starting in the next few months.
"The conclusion of the successful bulk sample confirms all the technical, financial and logistical assumptions of our internal feasibility study and we now look forward to progressing into commercial production. As part of our progression from explorer to producer we have appointed Graham Stacey as Chief Operating Officer. Graham and I have worked together at Chromex Mining where he was responsible for the construction of the successful Stellite chrome mine in South Africa. I look forward to working with Graham to build the Nayega mine and continue to grow the Keras manganese portfolio."
Details
Keras continues to make notable progress at its 85% owned Nayega Manganese Project in northern Togo, which hosts a current JORC Code Mineral Resource of 13.97Mt @ 12.4% Mn. As part of a bulk sampling metallurgical testwork programme at Nayega, the Company produced 10,000 tonnes of manganese ore which is now being shipped to a third-party producer of manganese-based alloys.
As the Company focuses on commencing commercial production, it has appointed Graham Stacey as Chief Operating Officer (non-Board). Mr. Stacey, who was previously Project Manager at Nayega, is a qualified Mining Engineer with +20 years' experience across a range of commodities including underground and opencast mine design, project execution, operations management and mineral resource management. He has worked with several international mining companies, including Anglo American plc, Venmyn Rand Pty Ltd, Chromex Mining plc and Keaton Energy Holdings Limited. Mr. Stacey will be appointed a Director of Keras' 100% owned subsidiary, Southern Iron Limited, which holds the 85% interest in Nayega.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Russell Lamming |
Keras Resources plc |
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Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat
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SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470
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Financial PR Isabel de Salis / Cosima Akerman |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa. It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project. Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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