Bluejay Mining PLC MOU Update (7672G)
November 27 2020 - 5:20AM
UK Regulatory
TIDMJAY
RNS Number : 7672G
Bluejay Mining PLC
27 November 2020
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
27 November 2020
Bluejay Mining plc
('Bluejay' or the 'Company')
MOU Update
Bluejay Mining plc, the AIM, FSE listed and OCTQB traded
exploration and development company with projects in Greenland and
Finland, would like to provide an update on its offtake
negotiations for the Dundas Ilmenite Project ('Dundas' or the
'Project') in Greenland.
The commercial terms of an agreement are agreed in principle but
the agreement itself is now passing through the final stages of
legal review by the counterparty. As the counterparty is a large
multinational organisation, the due process for review can and has
become extended. It is also vital to ensure the best practical
terms available for Bluejay Mining shareholders are obtained.
As a consequence, the counterparty has requested that the MOU,
which covers the finalisation of the agreement, be extended. Both
parties have therefore agreed a new extension date of 31 December
2020. Further details of the MOU are set out in the Company's
announcement of 22 July 2020.
The Company will update the market on the status of the offtake
negotiations in due course.
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.
**ENDS**
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
Kevin Sheil Bluejay Mining plc +44 (0) 20 7907 9326
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Ewan Leggat (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Adam Cowl (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ ---------------------
Tim Blythe Blytheweigh +44 (0) 20 7138 3205
------------------------------ ---------------------
Megan Ray Blytheweigh +44 (0) 20 7138 3205
------------------------------ ---------------------
Notes
Bluejay is dual listed on the London AIM market and Frankfurt
Stock Exchange and its shares also trade on the OTCQB Market in the
US. With projects in Greenland and Finland, its most advanced
project is the Dundas Ilmenite Project in Greenland, which is being
developed towards production in the near term. The Dundas Ilmenite
Project has been proven to be the highest-grade mineral sand
ilmenite project globally, with a JORC Compliant Resource of 117
million tonnes at 6.1% ilmenite and a maiden offshore Exploration
Target of between 300Mt and 530Mt of ilmenite at an average
expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company's strategy is focused on securing an offtake partner
and commencing commercial production at Dundas in the near term in
order to create a company capable of self-funding exploration on
its current projects and future acquisitions.
Bluejay holds three additional projects in Greenland - the
2,897sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide
nickel-copper-cobalt-platinum group element-gold project
('Ni-Cu-Co-PGE-Au'), which has shown its potential to host
mineralisation similar to the world's largest nickel-copper mining
district at Noril'sk-Talnakh, northern Russia; the 692sq km
Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where
historical work has recovered grades of 41% zinc, 9.3% lead and 596
g/t silver and identified four large-scale drill ready targets; and
the 2,025 sq km Thunderstone project which has the potential to
host large-scale base metal and gold deposits.
The Company also has a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
has been restructured to be cost-sustainable whilst determining the
best plan for future development. For its Enonkoski Ni-Cu-PGM-Co
Project in Finland have Bluejay a prospective joint-venture
agreement with a mining major.
**ENDS**
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDPPGMGGUPUGUM
(END) Dow Jones Newswires
November 27, 2020 05:20 ET (10:20 GMT)
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Apr 2024 to May 2024
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From May 2023 to May 2024