Altus Strategies PLC Bauxite Joint Venture Update (3059X)
August 09 2018 - 2:01AM
UK Regulatory
TIDMALS
RNS Number : 3059X
Altus Strategies PLC
09 August 2018
Altus Strategies Plc / Epics: AIM: ALS & TSX-V: ALTS /
Sector: Mining
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA
09 August 2018
Altus Strategies Plc
("Altus" or the "Company")
Bauxite Joint Venture Update
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused exploration project generator, provides an update on its
100% owned 372km(2) Birsok and Mandoum bauxite project ("Birsok" or
the "Project") in the Adamawa province of central Cameron. The
Birsok project is subject to a joint venture with ASX listed Canyon
Resources Ltd ("Canyon") whereby Canyon can earn up to a 75%
interest in the Project. Canyon has announced today that it has
been granted three exploration licences in Cameroon, which include
the Minim Martap bauxite project ("Minim Martap") located adjacent
to Birsok.
Highlights:
-- Altus JV partner Canyon (ASX: CAY) awarded Minim Martap bauxite project in Cameroon
-- Minim Martap reported to host a substantial high-grade bauxite deposit
-- Canyon has the potential to develop a significant Direct Shipping Ore mining project
-- Existing port and rail infrastructure may significantly enhance project economics
-- Discussions underway with Canyon in respect of vending-in the Birsok joint venture
-- Altus currently holds 8M shares in Canyon
A link to Canyon's news release is here:
https://www.asx.com.au/asxpdf/20180809/pdf/43x69v53y5w92j.pdf
Steven Poulton, Chief Executive of Altus, commented:
"We are delighted that our joint venture partner Canyon
Resources has received an exploration licence for the potentially
'world class' Minim Martap bauxite project, located adjacent to the
Birsok joint venture project in Cameroon. Altus and Canyon are now
in discussions in respect of vending the joint venture into Canyon.
As part of our original joint venture terms, Altus currently owns
eight million shares in Canyon, which had a value of approximately
A$1M as at the close of trading in Canyon's shares prior to their
announcement.
Altus staked the strategically located Birsok project and
cost-effectively advanced it, spending approximately US$140,000 on
exploration. Canyon has subsequently completed two drill programmes
at Birsok, which have successfully confirmed the presence of a
number of high grade bauxite plateaux.
Today's news is a strong validation of our project generator
business model. Birsok represents just one of 18 projects in our
portfolio, which is diversified across six countries in Africa. We
look forward to updating shareholders in due course."
Qualified Person
The technical disclosure in this regulatory announcement has
been read and approved by Steven Poulton, Chief Executive of Altus.
A graduate of the University of Southampton in Geology (Hons), he
also holds a Master's degree from the Camborne School of Mines
(Exeter University) in Mining Geology. He is a Fellow of the
Institute of Materials, Minerals and Mining and has over 19 years
of experience in mineral exploration and is a Qualified Person
under the AIM rules and National Instrument 43-101 under the rules
of the TSX.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Richard Parlons / Jonathan Williams
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall /
James Husband
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed,
diversified and Africa focused mineral exploration project
generator. Through our subsidiaries we discover new projects and
attract third party capital to fund their growth, development and
ultimately exit optionality. This strategy enables Altus to remain
focused on the acquisition of new opportunities to be fed into the
project generation cycle and aims to minimise shareholder dilution.
Our business model is designed to create a growing portfolio of
well managed and high growth potential projects and royalties,
diversified by commodity and by country. Altus currently has
eighteen projects in six commodities across six countries. We aim
to position our shareholders at the vanguard of value creation, but
with significantly reduced risks traditionally associated with
investments in the mineral exploration sector.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking
information. These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include without limitation the completion of planned
expenditures, the ability to complete exploration programs on
schedule and the success of exploration programs. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this news
release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Glossary of Terms
"Bauxite" means an aluminium-rich ore that is used for aluminium
production
**ENDS**
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END
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