TIDMPGM
RNS Number : 7758X
Phoenix Global Mining Ltd
14 August 2018
14 August 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Result of General Meeting
Phoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted North
American-focused base and precious metals exploration and
development company, is pleased to announce that all resolutions
put forward at its General Meeting held earlier today, were
approved by shareholders.
Commenting on the results of the General Meeting, the Company's
Chairman, Marcus Edwards-Jones, said:
"I am delighted that the share consolidation was well received
and duly passed by shareholders today. This will enable us to
proceed with our proposed listing on the New York OTCQX Market. We
have already been cleared by the relevant US authorities and are
now listed on the OTC PINK market. Now we will work towards
upgrading to the OTCQX Market, hopefully by the end of
September.
"As previously announced, we believe this will be a
transformational step for the Company as it will offer improved
access of Phoenix's shares to a wider range of North American
investors, where our assets are based.
"I would like to thank our shareholders for their continued
support, and we look forward to reporting further, both, on the New
York listing as well as ongoing progress at our flagship Empire
project in Idaho."
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 www.pgmining.com or
contact:
Phoenix Global Mining Dennis Thomas / Richard Tel: +44 7827 290
Ltd Wilkins 849 (Dennis)
+44 7590 216 657 (Richard)
SP Angel Lindsay Mair / Caroline Tel: +44 20 3470 0470
(Nominated Adviser Rowe
and Joint Broker
---------------------------- ----------------------------
Brandon Hill Capital Jonathan Evans / Oliver Tel: +44 20 3463 5000
(Joint Broker) Stansfield
---------------------------- ----------------------------
Blytheweigh (Financial Tim Blythe/Camilla Horsfall Tel: +44 20 7138 3204
PR)
---------------------------- ----------------------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a North American
focused, base and precious metal explorer and developer, which is
fast-tracking the historically-producing Empire Mine in Idaho, USA,
back into production, and exploring for cobalt in Idaho and gold in
Canada.
PGM's flagship project is a brownfield, past producing, copper,
gold, silver, zinc and tungsten underground mine, the Empire Mine
near Mackay in Idaho. PGM acquired an 80% interest in the property
in 2015. Based on a total of 315 drill holes a NI 43-101 compliant
oxide resource was completed in late 2017. A PEA (preliminary
economic assessment) for an open pit heap leach solvent extraction
and electrowinning (SX-EW) mine was completed in April 2018 with a
design capacity of 8,000 tonnes of copper cathode a year. In June
2018 a campaign consisting of 12,200 metres of reverse circulation
(RC) and diamond core drilling was started. This programme is
designed to upgrade and increase the oxide reserves, provide
samples for ongoing metallurgical testwork, geotechnical and
hydrological studies and condemnation drilling for the heap leach
pad site, waste dump and plant site. At the same time the
consultants were appointed to complete a NI 43-101 compliant BFS
(bankable feasibility study). The lead consultant is RPM Global who
are supported by Samuel Engineering, both based in Denver,
Colorado. Cascade Earth Sciences of Pocatello, Idaho have been
working on environmental and permitting issues since 2016 and form
part of the BFS team. Golder Associates are designing the heap
leach pad and ponds, and Call and Nicholas are carrying out the
open pit slope stability studies. The completion of the BFS is
scheduled for Q2 2019.
At Empire, it is estimated that only 5% of the potential ore
system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration; the current resource relates to the oxide resource
only, which remains open along strike and does not include the
deeper, higher grade sulphides. In addition, PGM has increased the
claim area from 813 acres at the time of its acquisition to 1,837
acres, mainly to the northwest, and in so doing has increased the
potential for additional oxide and sulphide resources by a total
strike length of approximately 1,500 metres towards another
brownfield mine, the Horseshoe Mine, which is now within the
property boundary.
The Company also holds two prospective cobalt properties in
Idaho, US, which are located north of the Empire Mine. These are
situated close to the town of Cobalt and are close to projects
being advanced by Canadian junior miners, including eCobalt
Solutions and First Cobalt. Exploration will continue during 2018
to identify drilling targets. Fieldwork is already underway.
The Company has also acquired an exclusive option to explore and
develop the Gordon Lake Project, in the Northwest Territories,
Canada, which is a high-grade shear hosted gold project comprising
of 17 known mineralised zones of which only four have been tested
with 59 diamond drill holes. The Company will proceed to examine
the optimal way forward to develop the project as a low-cost
underground gold producer.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal, precious
metal and cobalt production company, offering exposure to three
high value and high demand metals with compelling demand/supply
fundamentals.
More details on the Company, its assets and its objectives can
be found on PGM's website at www.pgmining.com
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.
END
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