Strategic Minerals PLC CARE Gold Tenements Sale (4862Z)
September 03 2018 - 2:00AM
UK Regulatory
TIDMSML
RNS Number : 4862Z
Strategic Minerals PLC
03 September 2018
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.
3 September 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
CARE Gold Tenements Sale
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, is pleased to announce that it has signed an "in
principle" agreement in relation to the divestments of certain
tenements, that have been identified as gold targets, currently
owned by its wholly owned subsidiary, Central Australian Rare
Earths Pty Ltd ("CARE"), to ASX listed Great Southern Mining Ltd
("GSN"), subject to a one week due diligence and effective transfer
of title.
Highlights
-- The Company has agreed to arrange the sale of the following tenements to GSN:
- E38/2829
- E38/2442
- E38/2587
- E38/2856
-- The tenements in the agreement are 100% owned by CARE.
-- Total consideration for the sale is AUD 145,000 to be paid by
way of AUD 100,000 in cash and issuance to CARE of 1,000,000 shares
in GSN at an issue price of AUD 0.045. A non-refundable deposit of
AUD 50,000 will be deposited on exchange of contracts and the cash
balance and the shares will be provided on transfer of title.
-- 500,000 GSN shares will be subject to a voluntary escrow
until 30 December 2018, with the balance voluntarily escrowed until
30 June 2019.
-- The sale of these tenements channels the Company's focus for
CARE on nickel/cobalt and rare earth exploration.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"As a result of the ongoing evaluation and rationalisation of
the CARE tenements, the board has decided that the tenements
identified as gold targets are not in line with the Company's
strategy of pursuing battery-related metals and the sale of these
assets allows Strategic Minerals to focus future exploration on
nickel sulphides, cobalt and rare earth elements.
"The Company looks forward to updating the market shortly on its
plans to undertake further drilling around Hanns Camp, notably at
Hanns Camp South, which is showing good signs of nickel sulphide
prospectivity."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
Facebook: https://www.facebook.com/search/top/?q=strategic%20minerals%20plc
+44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
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+44 (0)20 3735
Yellow Jersey PR 8825
Financial PR
+44 (0)7747 788
Charles Goodwin 221
+44 (0)7769 325
Joe Burgess 254
+44 (0)7951 402
Henry Wilkinson 336
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, operating minerals
company actively developing projects prospective for battery
materials. It has an operation in the United States of America and
development projects in the UK and Australia. The Company is
focused on utilising its operating cash flows, along with capital
raisings, to develop high quality projects aimed at supplying the
metals and minerals being sought in the burgeoning electric
vehicle/battery market.
In September 2011, Strategic Minerals acquired the Cobre
magnetite tailings dam project in New Mexico, USA, a
cash-generating asset, which it brought into production in 2012 and
which continues to provide a revenue stream for the Company. This
operating revenue stream is utilised to cover company overheads and
invest in development projects orientated to supplying the
burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded 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 cobalt, gold, nickel sulphides and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited to acquire up to 50% of the Redmoor
Tin/Tungsten project in Cornwall, UK. This 50% acquisition was
completed in February 2017 and a drilling programme completed in
2017 resulted in a significant upgrade of the resource. Phase 1 of
the 2018 drill programme is underway.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and is currently working to bring this into operation in
2019.
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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