Change of Joint Venture Vehicle Name
15 November 2016
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Change of Joint Venture Vehicle Name and Issuing of Drilling Tender
Strategic Minerals Plc (AIM: SML; USOTC: SMCDY), the minerals production and development company, announces that NAE Resources Limited, the Company's joint venture with New Age Exploration Limited (ASX: NAE) and owner of the Redmoor Tin/Tungsten project, has changed its name to Cornwall Resources Limited ("CRL"). Further, as of yesterday, CRL has issued tenders for a two phase, 23 hole drilling programme to commence at the Redmoor tenements in the first half of 2017.
The change of the joint venture name reflects both the equal involvement of the joint venture partners and the relationship of the project with its geographical roots. While the name of the vehicle has changed the project continues to be referred to as the "Redmoor" project.
Yesterday CRL issued tender documents to eight companies in relation to a two phase, 23 hole drilling programme and has requested expressions of interest and pricing by 28 November 2016. The two stage programme, consisting of 13 holes in Phase 1 and 10 holes in Phase 2, has been proposed to provide CRL the greatest flexibility to allow feedback from Phase 1 drilling to maximise information content for Phase 2. It is anticipated that Phase 2 drilling will commence immediately after Phase 1 drilling. Discussions with short listed companies, including site visits, are expected to occur in early December 2016 in line with the commencing of the drilling programme in the first half of 2017.
Commenting, Strategic Mineral's Managing Director, John Peters, said:
"The change of name of the joint venture vehicle to a more appropriate one, combined with both the issuing of tenders for the drilling programme and the appointment of Jeff Harrison as the Redmoor Community Adviser highlights the momentum building in the Redmoor project which, the Company believes will be a strategic component of its asset base.
"These developments continue to reinforce our intention to fully exercise our option over 50% of the Redmoor project and to commence drilling at Redmoor in the first half of 2017."
For further information, please contact:
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Strategic Minerals plc John Peters Managing Director
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+61 (0) 414 727 965 |
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SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Ewan Leggat Laura Harrison
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+44 (0)20 3470 0470 |
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Optiva Securities Limited Joint Broker Graeme Dickson
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+44 (0)20 3411 1880 |
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Yellow Jersey PR Financial PR Dominic Barretto Alistair de Kare-Silver |
+44 (0) 7825 916 715 |
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into arrangements to take up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK.
This information is provided by RNS
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