Cadence Minerals (KDNC) – EMH Cinovec Drill Results and Appointment of DFS Study Manager

Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that European Metals Holdings Limited (AIM: EMH) has reported on its ongoing infill drilling program and announced analytical results for the first drillhole CIS-4 at the Cinovec Lithium-Tin Project.

In addition, the Company is pleased to announce the appointment of Mr Craig Reimer as the Project Manager of its Definitive Feasibility Study.

The full EMH release is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13331231.html

In addition and as a result of the announced issue of equity by EMH of 351,448 new ordinary shares (represented by Chess Depositary interests or “CDI’s”) in EMH at a price of AUD0.7327, Cadence now holds a 20.5% economic interest in Cinovec, via its interest in EMH.

The full EMH release is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13331576.html

Highlights – Drill Program Announcement

  • Infill drilling continues in the southwest section of the deposit, targeting two ‘gaps’ in the resource model that could potentially be mined in the initial years.
  • Altogether, five out of 6 planned drillholes have been completed this year, for a total of 2163.1m.
  • Assays have been received for the first drillhole CIS-4, which returned a continuous mineralized intercept of 148.30m averaging 0.40%Li2O, starting at 297.7m drill string depth.
  • In addition, the upper section of the main lithium interval contains significant tin and tungsten mineralization: 15.85 meters averaging 0.70% Li2O, 0.29% tin and 0.073% tungsten.
  • Experienced Project Manager, Craig Reimer has been appointed to head the Company’s Definitive Feasibility study. 

Drill Program 

The current six-hole drill program at Cinovec South is planned to focus on infill drilling in two areas where data density is low and ‘gaps’ in the resource model occur. There are the expectations this will add to the high grade resource at Cinovec South in critical areas where mining will start. It will also assist in the conversion of resources from Inferred to Indicated category, and delivery of material for metallurgical testing.  So far five diamond core holes have been completed, and one is underway. 

The drill hole information is listed in Table 1 below:

Table 1 – Completed drillholes, Cinovec South

Hole ID

North

East

Elevation (m)

Depth (m)

Azimuth

Dip

Comments

CIS-4

-966605.91)

-778582.91)

863

448

16.6

-84.6

Infill, completed

CIS-5

-966607.81)

-778585.11)

862.8

458.8

271.8

-81.28

Infill, completed

CIS-6

-966516.01)

-778544.11)

866.2

456

28.8

-86.97

Infill, completed

CIS-7

-966454.01)

-778655.31)

864.4

450.3

03)

-903)

Infill, completed

CIS-8

-966570.02)

-779163.02)

805

350

3403)

-703)

Infill, completed

CIS-9

-966570.02)

-779163.02)

805

0

253)

-683)

ongoing

Hole locations are recorded in the local S-JTSK Krovak grid, 1) Coordinates surveyed, 2) Coordinates determined by GPS, 3) Planned, no inclinometry yet

After geological logging, drill core is cut in half with a diamond saw.  Quarter core samples are selected (honouring geological boundaries) and dispatched to ALS (Romania) for preparation and assay; the 3/4 of the core is returned to the core box and stored securely on site.  Samples are being prepared and analysed by ALS using ICP and XRF techniques following standard industry practice for lithium and tin deposits.  Strict QAQC protocols are observed, including the insertion of a Li standard in random fashion for every 10 core samples.

Mineralized Intercepts and Lithology in CIS-4

The CIS-4 drill hole is collared in rhyolite in the eastern area of the Cinovec South deposit. The main characteristics is the presence of massive greisen/greisenized zone in granite just below its contact with the overlying rhyolite.

In CIS-4, the Li-mineralized greisen and strongly greisenized granite start immediately bellow the rhyolite/granite contact at a depth of 279.7m. Below the contact, variably altered granite with two major and several minor greisen zones were intersected. Underlying albite granite with lithium mica starts at 320.6m and continues to 338.9m drill string depth.  The section from 338.9m up to 426m is formed mostly by greisenized Li-mica rich granite. The tin and tungsten mineralization is spatially associated with the strong to pervasive greisen style alteration in the upper 75.3m of the hole.  If no Sn cutoff is applied, the interval grades 0.14% Sn, 0.035%W and 0.42% Li2O.

Table 2 below provides summary of the results. According to the geological and block model the greisen bodies (and the mineralized zones) dip to the south, although this fact could not be fully confirmed by core angles observations in the core.  The CIS-4 drillhole was angled 16.6 degrees toward NE, with dip -84.6 and the reported intercepts appear close to true thicknesses.

Table 2 – Mineralised intercepts in CIS-4

CIS-4

From

To

Interval (m)

Li2O (%)

Sn (%)

W (%)

Note

279.7

428

148.3

0.40

incl. 4.6m@0.76%Li2O (282.4-287m),
5m@0.82%Li2O (289-294m),
5m@0.76%Li2O (313-318m) and
2m@1.01%Li2O (424-426m)

279.7

295.55

15.85

0.70

0.29

0.073

288.3

294

5.7

0.80

0.40

0.197

incl. 0.7m@1.036%W (288.3-289m)

298.5

303.5

5

0.45

0.10

0.061

302.5

305

2.5

0.34

0.23

0.039

310.3

313

2.7

0.57

0.27

0.003

315

317

2

0.76

0.05

0.188

318

325

7

0.32

0.18

0.012

329.5

332.5

3

0.32

0.31

0.048

331

332.5

1.5

0.34

0.30

0.074

342

343

1

0.62

0.03

0.096

351

355

4

0.32

0.17

0.002

As required under the 2012 JORC Code, details of the current drill program are appended (Table 1).

Definitive Feasibility Study Project Manager and Team

The Company is pleased to welcome Craig Reimer to the position of Project Manager. Craig has over 25 years’ experience in project management, engineering management and business management, and has delivered successful international mining projects for previous clients. Craig is a Mechanical Engineer, a registered Professional Engineer and has held senior leadership positions with Jacobs, UGL, Honeywell International and SNC Lavalin.

He has previously worked on projects for BHP, Vale Inco, Atlas Iron, ENK, Lynas Rare Earths, Newmont and Alcoa. The projects range from scoping and feasibility studies, to front-end engineering and detail design, and on to construction and commissioning. Craig has previously worked on projects in Australia, UK, USA, Canada, Indonesia, Phillipines and Malaysia.

The Company is also pleased to have retained the services of Grant Harman as Metallurgical Consultant to the DFS. Grant is one of the world’s foremost lithium metallurgist and played a significant role in the Company’s successful PFS.

Grant was previously Manager Lithium Chemicals for Talison Lithium and was involved in the management of the Talison Lithium Carbonate Plant from Scoping Study to Definitive Feasibility Study. He was involved in the design and technical direction of the Talison Test Facility and has more recently been a technical consultant on the Sonora Lithium Project in Mexico.  Grant has had previous roles with UGL, SNC Lavalin, CleanTeq and Ausenco.

The expertise and experience of Craig and Grant will be complimented well by the Company’s Czech based team, led by Executive Director Richard Pavlik.

For further information please contact

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Dr David Paul of VectorVest discusses Hastings (HSTG), Trifast (TRI), Countryside Props (CSP) & Taptica (TAP) on Core Finance TV

VectorVest MD Dr. David Paul details the bullish technical and fundamental set up on Hastings (HSTG) and shares his view on Trifast (TRI), Countryside Properties (CSP) and Taptica (TAP).

Balfour Beatty transforming itself

Balfour Beatty BBY is increasing its interim dividend by 33% to 1.2p per share after underlying operating profit for the six months to the 30th June more than tripled from £11m to £39m, as the transformation of the company continues. Underlying revenue rose by 8% at constant exchange rates, profitability is rising and orders from the US and the UK are strong.

Sirius Minerals SXX announces that excellent progress has been made during the last six months in the development of the Woodsmith Mine and its associated infrastructure. Highway works have been completed and commencement of shaft sinking is now eagerly awaited. Worldwide interest in future supplies of POLY4 remains strong.

Lookers LOOK claims and excellent set of results for the half year to the 30th June with growth across all areas of the business and the interim dividend is to be increased by 10%. On a like for like basis profit before tax rose by 14% and earnings per share by 15%

Hochschild Mining HOC suffered from the volatility of precious metal prices during the first half of the year  and saw profit before tax slump from $60.3m to $39.9m. The outlook for the second half is that it is still on track to deliver its full year record production target of 37m silver equivalent ounces. An interim dividend of 1.38 cents has been declared.

Luxury villas & houses for sale in Greece  – visit;   http://www.hiddengreece.net

Dr David Paul of VectorVest discusses the bullish underlying trend on VectorVest Composite index on Core Finance TV

VectorVest MD Dr. David Paul sheds light on the VectorVest Composite chart, which says the underlying trend line remains bullish and one may re-enter equity markets once the short-term trend gives a green light.

Cadence Minerals (KDNC) – Auroch Minerals Tisová Cobalt Copper Gold project update

Cadence (AIM/NEX: KDNC; OTC: REMMY) reports that Auroch Minerals in which Cadence currently owns a 7.7% stake has announced an update of the ongoing work at the Tisová Cobalt Copper Gold Project located in the Czech Republic, where the Company’s field visit was recently completed. The full Auroch release is available at: http://clients3.weblink.com.au/pdf/AOU/01883826.pdf

The Department of the Environment and Agriculture approved the Company’s initial 12-hole (5,500m) diamond drilling program (ASX Release 07 August 2017), which is scheduled to commence in September. 

Copper has been produced in this region since the sixteenth century, it is only through recent sampling carried out by Auroch that the economic significance of Cobalt, Gold and Silver has been identified at Tisová.

The presence of Cobalt is significant for Auroch, as the Company’s key strategy is to focus on metals crucial to the renewable energy space.

Highlights

  • Auroch holds first mover advantage in targeting bulk tonnage cobalt deposits in the heart of the European Industrial Region
  • Initial 5,500m 12-hole drilling program at Historic Tisová Mine to commence in September
  • 3D model of the historic underground development of the Tisová orebody to identify potential cobalt zones is expected to be completed in mid-August
    • Extensive historical drilling – 72 surface drill holes for 25,985m and 142 underground drill holes 14,299m
  • 30 km of existing underground mine infrastructure will significantly advantage CAPEX
  • Auroch sampling has returned significant grades of cobalt, copper and gold
  • Grades of up to 0.68% Co, 3.5% Cu and 3.7g/t Au were returned

– Ends –

For further information please contact

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Corporate news review Tuesday 15th August 2017

Hargreaves Lansdown HL. reports net FY new business of £6.9bn, AuA up 28% to £79.2bn and active clients up 118k to 954k. PBT is up 21% to £265.8m, and HL raises its dividend by 20% to 29p per share.

John Menzies MNZS says it has enjoyed a positive first half, with underlying PBT up 36% to £24.7m and a proposed 11% increase in the interim dividend to 6p. Chairman Dr Dermot F. Smurfit said: “Overall, I am very pleased with the Group’s performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment.”

Mears Group MER reports interim results in line with management expectations, with revenue up 1% to £470.8m.

Plant Impact PIM publishes the first presentation on its R&D platform and pipeline. The full presentation can be found at www.plantimpact.com/investors.

Rockhopper Exploration RKH updates on the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest. Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day (“boepd”) gross during the first six months of 2017. The group also updates on the Al Jahraa-9 well.

WideCells WDC raises £750k gross through the issue of 5,357,143 ordinary shares at 14p per share via a private placing with new and existing shareholders and the Board of Directors. The funds raised will be used to execute on a range of additional opportunities the Group has identified since listing in July 2016, rapidly accelerate the roll out of its three stem cell services divisions, CellPlan, WideCells and WideAcademy, and further its penetration of the rapidly growing stem cell market.

Wood Group WG. / Amec Foster Wheeler AMFW – The CMA (Competition and Markets Authority) today accepts in principle the remedy formally offered by Wood Group on 9 August to complete the recommended all-share offer for Amec Foster Wheeler. Robin Watson, CEO of Wood Group said “Today’s announcement is an important milestone and gives us further confidence in our ability to complete the transaction in quarter four this year.” Jon Lewis, CEO at Amec Foster Wheeler said “We welcome the announcement by the CMA. Our offer of a proposed remedy in May and the early commencement of the sale process to potential buyers of the upstream oil and gas business has ensured we have navigated this process ahead of schedule increasing the likelihood that the transaction with Wood Group will close in quarter four this year.”

Andalas Energy & Power (ADL) – Settlement of loan note, placing and notice of EGM

Andalas Energy and Power plc (AIM:ADL) is pleased to announce that it has conditionally raised £1,050,000 via a placing of 1,615,384,615 ordinary shares of nil par value at a price of 0.065 pence per share.

The proceeds will be used to repay the outstanding Sandabel Capital LP loan note.  Andalas will also use the proceeds to fund its ongoing work programme with PT PP Energi (“PP Energi”), a subsidiary of PT PP (Persero) Tbk (‘PTPP’), the Indonesian state-owned construction and engineering company, to advance a 30+MW independent gas-fired wellhead power facility in Jambi Province, South Sumatra, and also to develop further projects.

David Whitby, CEO of Andalas Energy and Power plc commented: “Following the recent announcement of our first project with PP Energi, this placing strengthens our balance sheet by fully settling the outstanding loan note with Sandabel Capital.  At the same time it provides the Company with additional funds as we look to progress both the Jambi-1 development project with PP Energi as well as other potential opportunities being developed with Pertamina, Indonesia’s national energy company.”

Posting of Shareholder Circular and Notice of Extraordinary General Meeting (“EGM”)

The Placing comprises a placing of 900,000,000 shares (£585,000) placed pursuant to existing authorities granted to the Directors (“Unconditional Placing Shares”) and a placing of 715,384,615 shares (£465,000) (“Conditional Placing Shares”) conditional, inter alia, on the passing of a relevant resolution at an extraordinary general meeting of the Company (“EGM”).  A circular containing a Notice of EGM will be sent to shareholders on Tuesday 15 August 2017.

Shareholders should read the full text of the Notice of EGM.  A copy of the Notice of EGM is available on the Company’s website (www.andalasenergy.co.uk) and is available for inspection at the Company’s registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.

The EGM will be held at 11am on 31 August 2017 at the Company’s registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.  The purpose of the EGM is to consider and, if thought fit, to pass the resolutions necessary to authorise and issue the Conditional Placing Shares.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM.  It is expected that dealings in the Unconditional Placing Shares will commence on or about 17 August 2017 (“First Admission”) and it is expected that dealings in the Conditional Placing Shares will commence on or around 31 August 2017 (“Second Admission”) subject to the passing of the necessary Resolutions at the EGM.

In connection with the Placing, the Company has agreed to issue 161,538,462 5 year warrants to third parties, with an exercise price of 0.065 pence per warrant, following the passing the EGM resolutions.

Total voting rights

Following the First Admission but before the Second Admission, the Company’s issued share capital will consist of 3,993,167,975 ordinary shares of nil par value, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 3,993,167,975 Ordinary Shares may therefore be used by shareholders in the Company, between the dates of First Admission and Second Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules (“DTRs”).

Following the Second Admission the Company’s issued share capital will consist of 4,708,552,590 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 4,708,552,590 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Announcement of the Placing 14 August 2017
First Admission and commencement of dealings in the Unconditional Placing Shares on or around 17 August 2017
Latest time and date for receipt of Forms of Proxy for the Extraordinary General Meeting 11 a.m. on 29 August 2017
Extraordinary General Meeting 11 a.m. on 31 August 2017
Second Admission, completion of the Placing and commencement of dealings in the Conditional Placing Shares on or around 5 September 2017

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR).  Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

For further information, please contact:

David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker)
Tel: +44 20 7894 7000
Jon Belliss Beaufort Securities Limited
(Joint Broker)
Tel: +44 20 7382 8415
Frank Buhagiar
Susie Geliher
St Brides Partners Limited Tel: +44 20 7236 1177

Andalas Energy & Power (ADL) clarifies detail on first Wellhead IPP consortium agreement

Andalas Energy and Power plc (AIM:ADL) notes the media speculation regarding its announcement of 8 August 2017 that it had entered into a consortium agreement with PT PP Energi (‘PPE’), a subsidiary of PT PP (Persero) Tbk, the Indonesian state owned construction and engineering company, to develop the Jambi-1 30+MW independent gas-fired wellhead power facility in Jambi Province, South Sumatra, Indonesia.

The Company advises that the Announcement was and remains true and correct.

The Company further advises that:

  • Jambi-1 is the name used by Andalas for the project.
  • The “key contractual, technical and financial project milestones to be achieved prior to the consortium making its final investment decision” referred to in the Announcement include:
    • completion of the front end engineering and design study
    • execution of gas sales and power purchase agreements
    • execution of an engineering, procurement and construction contract
    • contracts for the purchase of the power packs and other equipment
    • execution of debt finance agreements
    • execution of operating and maintenance contracts
    • licences relating to the facility and transmission lines.
  • The consortium expects the project to be included in Indonesia’s electricity supply business plan (‘RUPTL’) prior to execution of the power purchase agreement.PLN nominates projects to the RUPTL annually. However, the Minister of Energy and Mineral Resources may direct PLN to include projects on the RUPTL at any time.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR).  Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

For further information, please contact:

David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker)
Tel: +44 20 7894 7000
Jon Belliss Beaufort Securities Limited
(Joint Broker)
Tel: +44 20 7382 8415
Frank Buhagiar
Susie Geliher
St Brides Partners Limited Tel: +44 20 7236 1177

**ENDS**

Notes for Editors:

Andalas Energy and Power plc

Andalas is a developer of independent power generation capacity in Indonesia.  It has partnered with key Indonesian State-owned enterprises, PT Pertamina (Persero) and PT PP Energi (“PPE”).  Andalas and PPE are developing their first project, Jambi-1, a 30+MW power project in Jambi Provence, South Sumatra.  Andalas is seeking to develop a series of power projects with a total generating capacity of more than 500MW.

PT Pertamina (Persero) (“Pertamina”) – Indonesia’s World Class National Oil Company

Today Pertamina is ranked 230 on the Global Fortune 500 of companies generating over US$41 billion in revenue and with some US$45.5 billion in assets in 2015.  It has interests in over 230,000 square kilometres of acreage, has over 5 billion barrels of oil equivalent (‘boe’) in proven and probable (2P) reserves, and in 1H 2016 its production reached 640,000 boe per day, equating to over 50% of Indonesia’s total hydrocarbon production.  Pertamina’s business is fully integrated and includes a significant power business.  Pertamina are the lead developer of the recently approved Jawa-1 (1,760MW) power plant and have a further 235 MW of geothermal power plants in operation or being commissioned throughout Indonesia.

PT PP (Persero) Tbk (“PTPP”) – Indonesia’s state owned engineering and construction group

PTPP is the parent company of PT PP Energi (“PPE”).  PTPP, is an Indonesian state-owned enterprise that is listed on the Indonesian Stock Exchange with a market capitalisation of approximately US$1.4 billion and generated revenue of US$1.2 billion in 2016.  The PTPP group is one of the largest construction and investment groups in Indonesia and is considered a preeminent engineering procurement and construction (‘EPC’) contractor of Indonesian independent power producer projects.  PTPP group has a strong relationship with the national power company, PLN, having constructed 14 power projects for PLN totalling 2,168 MW since 2012.

PT PLN (Persero) – Indonesia’s National Utility

PLN is a state-owned company responsible for the majority of Indonesia’s power generation.  It has exclusive powers over the transmission, distribution and supply of electricity to the public and it is responsible for the procurement of independent power production.  PLN employs circa 51,000 employees across the archipelago and PLN’s total generating capacity (produced by many different plants across Indonesia) at 31 December 2015 was reported at around 40,265MW.  PLN is focusing their efforts and investments to fulfilling the Governments ambitious targets of adding 35,000 MW of generating capacity by 2019 in order to increase the electrification ratio of Indonesia to levels comparable with other ASEAN nations.

Cadence Minerals (KDNC) – Macarthur Minerals acquires 15% of Western Australia Gold & Lithium project

Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals in which Cadence currently owns a 20.2% shareholding has announced it will acquire 15% of Yalgoo Exploration Pty Ltd, which owns the Melville Gold Project in Western Australia (Subject to negotiating and entering to formal documentation).

The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=8702507849462927&qm_symbol=MMS

Yalgoo Exploration Pty Ltd

Yalgoo Exploration owns two granted exploration licences (E59/2077 and E59/2140), covering an area of 191 square kilometres (47,161 acres) in the Murchison region of Western Australia (“Yalgoo Tenements”). The Yalgoo Tenements are located approximately 500 km north-east of Perth and 220 km east of Geraldton.

Yalgoo Exploration is a private company which has been focussed on the exploration and development of the Melville Gold Project, which is located on the Yalgoo Tenements.

Melville Gold Project

The Melville Gold Project located on exploration licence E59/2077 was previously owned by Australian Securities Exchange listed Prosperity Resources Limited (ASX:PSP) (“Prosperity Resources”). In 2004 Prosperity Resources defined a mineral resource for the Melville Gold Project in accordance with The Australasian Code for theReporting of Identified Mineral Resources and Ore Reserves (JORC Code), 2004 (the “JORC Code”).  

Acquisition of 15% of Yalgoo Exploration Pty Ltd

Macarthur Lithium Pty Ltd (“MLi”) has agreed indicative terms of settlement for its proceedings in the Supreme Court of Western Australia against Mining and Metallurgy Process Solutions Pty Ltd (“MMPS”) regarding the first right of refusal granted to MLi in respect of the shares in Yalgoo Exploration under the Mineral Rights Deed between MLi and Yalgoo Exploration (“MMPS Proceedings”).  MMPS currently owns 100% of Yalgoo Exploration.

The acquisition of the 15% interest in Yalgoo Exploration may be subject to regulatory approval.

Yalgoo Lithium Project 

In October 2016, MLi conducted a reconnaissance field trip on the Yalgoo Tenements with promising results for lithium. Lithium mineralisation was confirmed in at least two of the pegmatites, with their core quartz zones exposed by small scale mining. Grab rock samples returned up to 3.75% Li2O associated with lepidolite in one of these pegmatites and lithium muscovite containing up to 2% Li2O in another pegmatite. During this visit, several additional pegmatites, largely composed of blocky feldspar and quartz were noted within a corridor some 1.5 km wide and extending over some 5 km in a NNW-SSE direction, located within a broader corridor some 3 km wide and likely extending over 10 km. 

Qualified Person:

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in thisannouncement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance).

For further information please contact

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

 

WH Ireland Limited (NOMAD & Broker)

 

+44 (0) 207 220 1666

James Joyce

James Bavister

 

Square1 Consulting

 

+44 (0) 207 929 5599

David Bick

Brian Alexander

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Cadence Minerals (KDNC) – Auroch Minerals updates on drilling at Alcoutim Copper Zinc Project

Cadence (AIM/NEX: KDNC; OTC: REMMY) reports that Auroch Minerals in which Cadence currently owns a 7.7% stake has announced an update on its ongoing drill program at the Alcoutim Copper Zinc Project, located in the highly prospective Iberian Pyrite Belt in Portugal. The full Auroch release is available at: http://clients3.weblink.com.au/pdf/AOU/01883377.pdf

Highlights:

  • Completion of Phase One Hole 2
  • Hole 2 intersected target stratigraphy Volcanic Sedimentary Complex at 830m
  • Drilling of Hole 3 has commenced – target combines key geological and geophysical elements of adjacent super cppper-zinc mine Neves Corvo

– Ends –

For further information please contact

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

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