Strategic Minerals PLC Change of Joint Venture Vehicle Name
November 15 2016 - 9:36AM
RNS Non-Regulatory
TIDMSML
Strategic Minerals PLC
15 November 2016
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:
Strategic Minerals plc
John Peters
Managing Director +61 (0) 414 727 965
SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Ewan Leggat
Laura Harrison +44 (0)20 3470 0470
Optiva Securities Limited
Joint Broker
Graeme Dickson +44 (0)20 3411 1880
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
The company news service from the London Stock Exchange
END
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November 15, 2016 09:36 ET (14:36 GMT)