Volkswagen has been talking up plans to shake up the global electric vehicle market for a while, and it’s now starting to make good on that ambition with an $800 million (700 million euro) project to build battery-powered crossovers in Tennessee.
The German auto giant said at the North American International Auto Show in Detroit on Monday that it will build a new assembly line at its Chattanooga plant to build ID. Crozz SUVs starting in 2022, using its “MEB” modular electric vehicle system. The project will create up to 1,000 new jobs at the plant, in addition to new jobs at suppliers, Volkswagen said.
“The U.S. is one of the most important locations for us and producing electric cars in Chattanooga is a key part of our growth strategy in North America,” CEO Herbert Diess said in a statement. “Together with our ongoing investments and this increase in local production, we are strengthening the foundation for sustainable growth of the Volkswagen brand in the U.S.”
The company has worked to overhaul its U.S. image after a costly diesel emissions scandal and management turnover, deploying billions of dollars to accelerate its electric vehicle offerings and sell 1 million of them annually by 2025. Its Tennessee investment also means that state will be a battery-vehicle powerhouse, as Nissan already builds Leaf compacts there at its sprawling Smyrna plant.
“The shift toward electric vehicles is a trend that can be seen worldwide, and Volkswagen’s decision to locate its first North American EV manufacturing facility in Chattanooga underscores Tennessee’s manufacturing strength and highly-skilled workforce,” Governor Bill Haslam said in a statement. “As one of Hamilton County’s top employers, these additional 1,000 jobs will have a lasting impact on the region.”
In total, Volkswagen aims to set up eight MEB plants in the coming years in Europe and China as well as North America. In addition to building the ID. CROZZ in Chattanooga, Volkswagen said it plans to sell the ID. BUZZ minivan in North America, the 21st-century version of its of VW bus.
The carmaker starts making ID. cars at its Zwickau, Germany, plant late this year. It’s also setting up MEB lines at German facilities in Emden, Hanover and Dresden facilities and Mlada Boleslav in the Czech Republic. Electric products for China will come from Anting and Foshan plants, there Volkswagen said.
Total investment in electric vehicle technology is to reach 9 billion euros by 2023, the company said.
If gold is anything to go by, investors are increasingly anxious about the state of the world.
Volatile equity markets and fears of a global economic slowdown have helped gold rally 10 per cent from its August lows, putting it among the best performing metals over that period.
It is a sharp contrast to much of the past two years, when rising US interest rates, a strong dollar and buoyant equity markets hurt gold bugs and the shares of miners such as Barrick Gold, Newmont Mining and Goldcorp. And when there was a correction in US stocks in early 2018, the gold price failed to benefit.
Almost a year on, the big question is whether 2019 could prove a profitable year to own gold, which is typically bought as hedge or haven by investors. The amount of physical gold in exchange traded funds has risen to 71.9m ounces, close to the record high of 72m touched in May 2018.
“We haven’t seen flows like this since the first half of 2016 — when the gold market really took off,” says Joe Foster, a portfolio manager at VanEck in New York.
“There seems to be a change in sentiment and investor psychology. People are waking up to the fact that we are late in the economic cycle and we could be ending [it] in the next year or two. That brings more risk into the system; that’s why gold is moving up.”
Those flows, along with investors covering their bets against gold, have helped the yellow metal’s price recover from the 18-month low of below $1,200 a troy ounce touched last August.
Analysts say there are a number of reasons to think the gold price can break through the $1,300 mark and push higher.
These include still-fragile stock markets, the expectation that the Federal Reserve will hold off from interest-rate increases this year, and a weaker dollar, which makes the metal more appealing. Rising US rates have been a drag on gold since the metal provides no yield.
Goldman Sachs, one of the most influential banks in commodity markets, raised its gold forecast last week and now expects a gold price of $1,425 over the next year.
“To take a view on gold, you have to first take a view on broader markets,” said Tom Holl, BlackRock portfolio manager, natural resources. “If we continue to see elevated levels of macroeconomic uncertainty and risk adversity, then gold will probably continue its positive momentum.”
Some investors believe rising concerns over US debt levels could sharpen gold’s allure, according to John Hathaway, a senior portfolio manager at Tocqueville Asset Management in New York.
Last week, Fitch Ratings warned that a continued government shutdown in the US could lead to a credit downgrade on the country’s debt, which is rated AAA by the agency.
“The US is beginning to sport a debt-to-GDP ratio worthy of any banana republic,” says Mr Hathaway. “We believe that exposure to gold is both timely and potentially rewarding.”
Higher levels of debt will also make it hard for the Fed to raise rates and tighten monetary policy, adds Trey Reik, a senior portfolio manager at Sprott Asset Management in Connecticut.
“I do think the dollar is in the midst of a long-term weakening,” he says. “You cannot raise rates with that much debt in the system without causing economic collapse.”
The buying of gold by central banks is also at its highest level since 2015, as many authorities remain keen to diversify away from the dollar. Standard Chartered estimates that central banks bought 500 tonnes of gold last year. China was among the buyers, adding almost 10 tonnes, following more than two years of unchanged holdings.
“While Russia, Kazakhstan and Turkey dominate central bank purchases, a host of other central banks entered the official sector gold market last year,” says James Steel, chief precious metals analyst at HSBC.
Mr Steel notes that the list includes Hungary, which had been out of the gold market for decades, with the exception of modest purchases in 2017. The central bank of Poland also purchased gold for the first time in many years, he adds.
However, the multiple disappointments for gold bulls over the past year leave some wary. Gold has not breached the $1,300 level since June.
While ETF holdings have risen to their highest level in five years, traders in the futures markets have not yet placed significant bets on higher prices, according to ICBC Standard Bank, a unit of China’s largest lender.
“On the one hand this does present an opportunity for gold prices to move higher still, if investor length now comes into the market,” says ICBC analyst Marcus Garvey.
“However, on the other, it begs the question as to why this has not yet happened, given the number of catalysts already present. If any of the recent tailwinds for gold were to abate, it increases the likelihood for a period of price consolidation.”
Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces it has signed its first agreements for OnSite with Firedoor Guardian Limited (“FDG”), a provider of building management and inspection services to the construction industry.
OnSite integrates the Company’s blockchain technology, Sequestrum, which was launched in December 2018. The agreements have an aggregate value of £50,000 which will be invoiced immediately.
The agreements include a licence agreement and a support agreement. The agreements have provision for pricing of additional volume related transactions that may occur during the term of the contract.
FDG wishes to create an immutable database of their inspection records and audit information as required under the BS9999 and The Regulatory Reform (Fire Safety) Order 2005 and as recommended in the independent review of Building Regulations and Fire Safety report led by Dame Judith Hackett following the Grenfell Tower fire.
OnSite utilises the latest mobile and cloud technologies and integrates Catenae’s distributed ledger technology which provides clients with the ability to store critical and regulatory reports in an immutable form within the Sequestrum repository providing auditable proof of both the existence of the report as well as its original content. OnSite provides the ability for companies to manage and schedule their workforce and provides a universal inspection and reporting tool that has been adapted to meet the regulatory reporting standards for this industry.
The integration of Sequestrum provides full ‘Proof of Work’ by ensuring that inspection reports are stored in an immutable form directly from the mobile input device, recording the geo-coordinates of the device and centralised time stamping as meta data for full auditability.
Guy Meyer, a director of the Company is also a non-executive director and shareholder in FDG, consequently the entering into the agreements is being deemed a related party transaction (the “Transaction”) under the AIM Rules for Companies. The directors independent of the Transaction, having consulted with the Company’s nominated adviser, believe that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.
Tony Sanders, CEO, said:
“We are pleased to sign this initial agreement for our new product OnSite so soon after the product launch in December 2018, this follows extensive testing and proof of concept programme with the client. Being able to show blockchain technology being used in a ‘real world’ application was key to the Company accepting the opportunity to present its solutions at the UK Investor City Forum event on 21st January 2019, as there are not many opportunities to see blockchain technology working beyond conceptual applications. We hope to be making further announcements shortly.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
|Catenae Innovation Plc
|Tel: 020 7929 7826|
Cairn Financial Advisers LLP, Nominated Adviser
Tel: 020 7213 0880
Alexander David Securities Limited, Broker
Tel: 020 7448 9820
Sport Capital Group (SCG) is acquiring Italian football club Palermo for a nominal sum. The deal also includes the project for a new stadium for the Serie B team, which is currently five points clear at the top of the table. Promotion back to Serie A would boost revenue generation and it would also trigger an earn-out payment. There is also potential for more sponsorship and match revenues. There is a plan to raise up to £10m from a bond issue that would be traded on NEX.
Clinical decision support technology provider DXS International (DXSP) reported a lower interim loss in the six months to October 2018. Revenues edged up from £1.61m to £1.69m and the loss declined from £92,000 to £35,000. Tax credits meant that there was a post-tax profit of £70,000, up from £28,000. The GPSoC tender has been delayed but it is expected to be completed this year.
Coinsilium Group Ltd (COIN) says that its priorities for 2019 are to demonstrate the potential of the blockchain investments that it has and to take advantage of the growing sector. There were record levels of investment in the blockchain sector last year. Management wants movements in the share price to reflect progress rather than the movement of the price of bitcoin, as has been the case in the past year.
KR1 (KR1) has set up a subsidiary in Gibraltar. KRX Ltd will sponsor token-based projects that will list on the Gibraltar Stock Exchange, which operates the first regulated blockchain exchange. The subsidiary will generate fees from clients and there are a limited number of sponsors.
AFH Financial Group (AFHP) has acquired fellow wealth management firm Hayburn Rock for up to £3.5m. The initial payment is £900,000. In 2017, the firm made a profit of £400,000.
TechFinancials (TECH) is selling its stake in MarketFinancials, which no longer trades, for €100,000. The investment had no value on the balance sheet.
Smaller company investor Gledhow Investments (GDH) had £167,000 in the bank at the end of September 2018, having made a small profit in the period. The NAV is £793,000.
Ashley House (ASH) is changing its year from April to June. This is the end of the first six months period for joint venture Morgan Ashley Care Developments LLP. There will be interim results for the six months to October 2018 reported at the end of January.
NQ Minerals (NQMI) has commissioned the Hellyer processing plant and in the fourth quarter generated £3.2m of revenues from lead, zinc and pyrite.
Ascent Resources (AST) is attempting to raise cash at 0.3p a share, which is a 20% discount to the market price, via PrimaryBid.com. Ascent has successfully raised cash via the platform in the past. The broker handling the deal is Stanford Capital Partners. Ascent, which has €400,000 in the bank plus a deposit for a bank guarantee of €200,000, is refocusing its expansion outside of Slovenia because of regulatory hold ups in the country. Revenues from the export of gas from Slovenia totalled €2.1m in 2018 but gaining permission to process the gas and sell it to the national grid has proved difficult.
Knights Group Holdings (KGH) has acquired Leicester-based legal services business Cummins for £1.57m in cash and shares. This fits well with the existing east Midlands operations. In the six months to October 2018, group revenues were 37% ahead at £23.9m and organic growth was 10%. Underlying pre-tax profit doubled to £4.4m. The maiden interim dividend is 0.6p a share. Net debt was £9.5m at the end of October 2018. Average fees per fee earner was one-quarter higher at £66,000.
Concrete levelling equipment supplier Somero Enterprises Inc (SOM) did better than expected last year. The 2018 pre-tax profit forecast has been raised by 5% to $29m. Net cash is $25m and 50% of the excess over $15m will be paid in a special dividend on top of the ordinary dividend. Somero has also paid $2m for concrete pouring and line dragging company Line Dragon and this broadens the product range.
Student accommodation activities fuelled the growth of Watkin Jones (WJG) last year but private rental will become increasingly important from this year onwards. Richard Simpson has taken over as chief executive.
Kromek (KMK) is making progress towards breakeven and it has plenty of cash in the bank to take it there. The imaging and radiation detection technology developer has a strong order book. There was a dip in first half revenues because of the transfer of production to a new site in Pittsburgh. Even so, full year revenues are forecast to increase from £11.8m to £15m and the loss should reduce from £2.5m to £1.9m.
Tri-Star Resources (TSTR) is selling its antinomy exploration interests in Turkey. The company’s main asset is the 40% shareholding in the Sohar antinomy and gold production facility in northern Oman. Some engineering problems have to be sorted out before the plant is fully up and running. More cash will be required. The venture has requested $10.5m from its shareholders.
The market was disappointed by news from Verona Pharma (VRP) about the clinical trial results for COPD treatment Ensifentrine (RPL554). Two different does were used in combination with Stiolto Respimat. The treatment did work better than the placebo, but the improvement in breathing was not statistically significant. The share price slumped by more than one-third, although there was a small subsequent recovery.
CH Bailey (BLEY) has decided to cancel its AIM quotation and it is asking for shareholder approval. The company is offering to buy back shares at 100p each via a tender offer.
Ariana Resources (AAU) says that its 50%-owned Kiziltepe mine produced 27,110ounces of gold in 2018. Ariana expects its $33m development loan to be fully repaid during 2019.
Tax Systems (TAX) had reduced net debt from £20.5m to £13.9m by the end of 2018. Pre-tax profit of £5.8m is forecast for 2018.
Ideagen (IDEA) is acquiring Cork-based Scannell Solutions, which provides environmental health and safety software, for £3.5m. Annualised revenues are around €1m, of which, two-thirds is recurring.
Consumer engagement technology provider Pelatro (PTRO) has confirmed that 2018 figures are in line with expectations and there was improved cash generation in the second half. Net cash was $1.8m at the end of 2018. finnCap expects 2019 pre-tax profit to double from $2.9m to $6m.
Plexus Holdings (POS) plans to buy back 4.95 million shares owned by LLC Gusar. The price will be 50.5p a share. Gusar will use the cash to buy two POS-GRIP wellhead systems, which it announced it was going to buy one year ago.
Midwich Group (MIDW) has acquired MobilePro AG, which expands the audio visual products distributor into Switzerland. The business has annual revenues of CHF25m.
Pharmaxis has completed a toxicity study for two LOXL2 inhibitors in which Synairgen (SNG) has a 17%carried financial interest. Pharmaxis can brief potential licensing partners with the information gained.
Tracsis (TRCS) is acquiring Compass Informatics, which is a data analytics and systems development business. Tracsis is paying up to €5.15m for the Dublin-based company, which made a pre-tax profit of £600,000 last year.
Portmeirion Group (PMP) has achieved record sales in 2018 and beat the profit forecast of £9.5m. The fastest growth came in the home fragrance division.
Iofina (IOF) achieved record iodine production levels in the second half of 2018. Full year production was 17% higher at 588.8 million tonnes. There should be a further rise in production this year and that could move Iofina into profit.
Brandon Hill has initiated coverage of Karelian Diamond Resources (KDR) and it has valued the company’s Lahtojoki diamond project in Finland at $32.9m, based on an average diamond price of $100/carat.
The People’s Operator (TPOP) has postponed the appointment of an administrator as negotiations with interested parties continue.
Kestrel Opportunities has increased its stake in Pebble Beach Systems (PEB) from 22.2% to 23.1%. Little more than one year ago the stake was below 15%.
Caledonia Mining Corporation (CMCL) has cut 2019 gold production guidance for its Blanket Mine and WH Ireland has downgraded its forecast from 61,200 ounces to 55,500 ounces, which is at the higher end of the guidance. There was 54,5000 ounces of gold produced in 2018.
Athelney Trust (ATY) is holding the requisitioned general meeting on Tuesday 22 January. Robin Boyle has requisitioned a general meeting in order to get himself reappointed. He left the board last year after a disagreement over the future of the investment company. He wanted to stay on as a non-executive director to shepherd the change in investment management for the trust. The plan is to get Gresham House involved in the investment management. Boyle also wants David Lawman and Paul Coffin to be appointed and the three existing directors, Dr Emmanuel Pohl, Simon Moore and Jemma Jackson, to be removed.
Path Investments (PATH) has signed heads of agreement with ARC Marlborough. The plan is to acquire ARC, which has a nickel and cobalt project in Queensland, via a share issue. Path had £31,000 in the bank at the end of June 2018.
Challenger Acquisitions Ltd (CHAL) has agreed to sell its $300,000 investment in the Dallas Wheel project back to the developers. Challenger has received $27,000 in interest and will receive $50,000 a month, plus interest, for six months.
Gresham Technologies (GHT) has sold its VME mainframe software business for £2m.
Shefa Yamim (SEFA) has sufficient cash to finance continued exploration in the first quarter of 2019. By the middle of the year the gems explorer will be able to estimate how much cash it requires to start trial mining.
Poland’s Supreme Administrative Court has finally and fully rejected Lubelski Węgiel BOGDANKA S.A.’s (“Bogdanka”) administrative complaints against Poland’s Ministry of Environment (“MoE”) regarding the refusal of Bogdanka’s 2013 application for a mining concession over the K-6-7 deposit at the Jan Karski Mine (“Jan Karski”).
This Supreme Administrative Court decision is final, cannot be appealed and has upheld the 2016 Regional Administrative Court decision that confirms the original 2015 decision, which denied Bogdanka’s mining concession application. It has been concluded that granting a mining concession to Bogdanka would be a serious violation of the provisions of Poland’s Geological and Mining Law (2011) (“GML”), and would be contrary to the rule of law as embodied in the Polish constitution.
In a second ruling, the Supreme Administrative Court has upheld the 2016 Regional Administrative Court decision that obliged the MoE to approve Prairie Mining Limited’s (“Prairie” or “Company”) submitted Addendum No.3 for the K-6-7 deposit. Addendum No.3 is a detailed resource estimate for the K-6-7 deposit according to Polish geological reporting standards and is based on the results of Prairie’s exploration program at the deposit. This complaint was bought against the MoE by Prairie in 2015.
The Court’s ruling will now be passed back to the MoE, and the MoE is obliged to promptly reassess the original decision taking into account the court’s verdict i.e., to issue a positive decision approving Addendum No.3. The significance of this Supreme Administrative Court decision is that Bogdanka’s 2018 application for a mining concession over K-6-7 is now entirely inadmissible under Polish law (Bogdanka’s application was suspended following an injunction awarded in Prairie’s favour (see news release dated 26 April 2018)) and requires the MoE to reject Bogdanka’s mining concession application.
The Supreme Administrative Court’s rulings re-affirm, beyond doubt, that Bogdanka’s claims over K-6-7 are without merit and inadmissible. The Board notes that Bogdanka’s claims have been consistently and vigorously rejected by the Polish courts in multiple rulings. Furthermore, the Court’s decision obliging the MoE to approve Addendum No.3 demonstrates that the MoE has acted illegally and failed to correctly implement Poland’s own mining laws.
DEBIENSKO – UPDATE ON CONCESSION AMENDMENT APPLICATION
In December 2016, following the acquisition of the Debiensko Hard Coking Coal Mine (“Debiensko”), Prairie applied to the MoE to amend the 50-year Debiensko mining concession.
The purpose of the concession amendment was to extend the time stipulated in the mining concession for first production of coal from 2018 to 2025. Prairie has now received a final “second instance” decision from the MoE that has denied the Company’s amendment application. Not meeting the production timeframe stipulated in the concession does not automatically infringe on the validity and expiry date of the Debiensko mining concession, which is June 2058. Prairie also holds a valid environmental consent decision enabling mine construction and continues to have valid tenure and ownership of land at Debiensko. However, the concession authority now has the right to request the concession holder to remove any infringements related to non-compliance with the conditions of the mining concession and determine a reasonable date for removal of the infringements. In accordance with Polish law, the concession authority is required to provide an achievable and reasonable timeframe to remedy any non-compliance taking into account the nature of the non-compliance. Nevertheless, the second instance decision may result in the commencement of proceedings by the MoE to limit or withdraw the Debiensko concession.
The MoE has taken over 24 months to finalise the concession amendment proceedings, including seven months to issue a second instance decision, whereas under Polish administrative law there is a maximum statutory deadline of two months for the MoE to issue such decisions.
Prairie will strongly defend its position and continue to take relevant actions to pursue its legal rights regarding the Debiensko concession, including filing an appeal. Preliminary legal advice obtained by Prairie indicates that the MoE’s decision is fundamentally flawed, fails to comply with Polish, EU and international law, and demonstrates yet further evidence of the discriminatory treatment faced by Prairie as a foreign investor in Poland.
The Company will consider any other actions necessary to ensure its concession rights are preserved, which may result in the Company taking further action against the MoE including invoking the protection afforded to the Company under any relevant bi-lateral or multi-lateral investment treaties or such other actions as the Company may consider appropriate at the relevant time.
Prairie will continue to update the market in relation to this matter as required.
Prairie has always conducted its business in Poland in accordance with the Polish law and continues to pioneer the application of international standards for development and feasibility work in Poland necessary to ensure the value of its Tier One coking coal projects are maximised for all stakeholders, meet the rigorous requirements for international financing and can ensure the production of high quality coking coal product to regional European steel makers.
Australia and Poland are signatories to the 1991 Promotion and Protection of Investment Agreement (a Bilateral Investment Treaty) which provides reciprocal protections for investments made by residents and entities of both countries, including licences for exploration and mining of natural resources. Prairie reserves the right to make future claims against the Polish state under the 1991 Promotion and Protection of Investment Agreement.
For further information, please contact:
Prairie Mining Limited
Tel: +44 207 478 3900
Ben Stoikovich, Chief Executive Officer
Sapan Ghai, Head of Corporate Development
Whitbread plc WTB Completed the sale of Costa to The Coca-Cola Company for £3.9bn on 3 Jan 2019, ahead of schedule. Over 2,000 new rooms were added with occupancy high at over 80%. UK like for like sales growth fell by 0.6% over the quarter and 0.7% over the year. Despite the high occupancy rates accommodation was the main culprit for the decline with falls of 1.5% and 2.2% respectively. International sales growth was much stronger and helped to save the day with rises of 3.5% over the quarter and 4.1% over the year. The company claims that it has experienced a momentous year with the sale of Costa for 3.9 billion but this current year is going to be much more momentous for the shareholders, as the sale has enabled the company to commence the distribution of largess with an initial share buyback program of up to £500 million.
Associated British Foods plc ABF has issued a trading update for the 16 weeks to the 5th January. Group revenue from continuing operations was 2% ahead of the same period last year at constant currency. Sales at Primark were 4% ahead of last year, at both constant currency and actual exchange rates. Sales at Primark were 4% ahead of last year, at both constant currency and actual exchange rates, and with a higher operating profit margin, profit was well ahead. Primarks share of the total clothing market increased significantly and sales were 1% ahead of last year.
Workspace Group WKP experienced strong demand in the third quarter. The Chief Executive claims they have continued to see a great deal of activity across the whole of the business. Demand for newly refurbished space in London has been particularly pleasing
SSP Group plc SSP has had a good start to the new financial year. First quarter total group revenue increased by 7.6% on a constant currency basis Full year expectations are that like for like sales growth for the Group remains unchanged at between 2% and 3%.
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce it has today released a new presentation covering the Windidda gold project in Western Australia, details of which were released in the Company’s announcement of 3 January 2019 entitled “Strategic Gold Licence Applications – Yilgarn Region Australia”.
The presentation may be viewed through the following links:
- The Windidda gold project consists of nine exploration licence applications submitted by ECR’s 100%-owned operating vehicle Mercator Gold Australia Pty Ltd and covering a large ground area of approximately 1,600 square kilometres in the Yilgarn Craton, Australia;
- The area under application covers the southern margin of the Canning Basin, which has been interpreted, based on available gravity and magnetic data, to overlie the northern margin of the Archean Yilgarn Craton;
- The Yilgarn Craton is host to around 30% of the world’s known gold reserves and produces around two thirds of all gold mined annually in Australia;
- The Windidda project is targeting regional gravity-magnetic anomalies and potential under-cover Archaean greenstone hosted gold mineralisation, an exploration model that has been successfully tested by Greatland Gold plc (LON:GGP) at its Ernest Giles project located approximately 125 kilometres east of ECR’s Windidda project;
- Further updates will be made in due course regarding the progress of licence applications, continuing project review and exploration planning.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “ECR Minerals is building its strategic gold exploration portfolio at what the directors believe is a fascinating time in the gold industry, underlined by the acquisition of Goldcorp Inc. by Newmont Mining Corp. announced this week.
Larger companies within the sector are often in search of new gold discoveries to replace reserves as they are mined, potentially putting proactive junior gold explorers in a prime position should they be able to identify highly prospective territory, achieve a discovery and/or build strategic knowledge through exploration.
ECR has already identified a large, but early stage, gold system at its Creswick project in Victoria, Australia and is working to advance that project as rapidly as possible. The Windidda project diversifies ECR’s interests into Western Australia and the highly prospective Yilgarn Craton, which the directors believe is amply demonstrated by the presentation linked above. Following the financings completed in 2018, ECR is able to move forward confidently with new initiatives like the Windidda gold project.”
COMPETENT PERSON STATEMENT
Information disclosed in this announcement has been reviewed by Samuel Garrett, a Competent Person within the meaning of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and for the purposes of the AIM Rules.
Mr Garrett holds a BSc (Hons) in Geology and an MSc in Economic Geology from the University of Tasmania. He is a member of the Australian Institute of Geoscientists and a member of the Society of Economic Geologists (USA).
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|Katy Mitchell/James Sinclair-Ford|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V:MMS) updates on Nickel exploration at Lake Giles project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has provided a further update on the results of its drilling of high priority nickel sulphide targets at its Lake Giles project in Western Australia. Surveying at targets derived from recent geophysical surveys using Moving Loop Electromagnetics (“MLEM”) successfully delineated two bedrock conductors, MC01 and MC02 at Moonshine, with a further bedrock conductor identified at the Snark prospect.
- Results for the two Reverse Circulation (“RC”) drill holes completed at Moonshine North have returned encouraging assay results.
- Anomalous nickel in hole 18MRC001 with average of 0.2% Ni over 31 metres (“m”) from 26m.
- Potassic alteration indicated in hole 18MRC001 from 140m to 146m (20% Potassium content) marginal to the sulphide intersection in the hole.
- Anomalous gold associated with sulfidic chert in interval 106m to 113m (average gold content 159 part per billion (“ppb”) over the interval).
- Both holes had successfully intersected sulphide minerals at depth and semi-massive sulphide comprising 20% pyrite/pyrrhotite was recorded over 12m in hole 18MRC002 from 185m to end of hole (“EOH”). Sulphide mineralisation is open at depth and on strike with the hole ending in sulphide mineralisation.
Prior to Macarthur’s acquisition of the Lake Giles project, there were two previous periods of limited exploration activity for nickel over parts of the present tenement package. The recent review and evaluation of geochemical and geophysical data has identified significant exploration targets for nickel. These targets include some fifteen areas considered prospective for discovery of sulphide style nickel within the belt of ultramafic rocks.
Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S. FAusIMM, a Fellow of the Australasian Institute of Mining and Metallurgy (membership number 107348, is a consultant of Macarthur and is a Qualified Person as defined in National Instrument 43-101. Mr Cooper has reviewed and approved the technical information contained in this news release.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7609341802648786&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “This drilling update from Macarthur provides encouraging assay results to follow the earlier geophysical surveys. We look forward to further updates from Cameron McCall and his team.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
– Ends –
|For further information:
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.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
A referendum is one of the highest and truest forms of decmocracy. That is why they are absolute anathema to the unelected dictators of Brussels who would not recognise an election if they saw one staring them in the face. That is why the EU demagogues, those of them who remain sober and capable of standing up, have forced one European country after another to reverse the result of every referendum they have held. And now we have joined them in disgrace, as the destroyers of democracy. The British who have one of the longest histories of parliamentary democracies in the world, have seen their MPs refuse to accept the will of the people and overturn the common decision reached two years ago that there was a majority in favour of Brexit.
It matters not whether that majority was right or wrong. It is the principal which matters. The people were not only allowed to decide, they were asked by Parliament to decide. The government then descended into chaos as MPs began to jockey for position. Ministers abandoned their posts almost every week, looking for aggrandisement and opportunites for self advancement. Led by the weakest leader the country has ever seen since King Harold failed to turn the tide at Hastings in 1066, we became a laughing stock throughout Europe as country after country sought to avenge slights, real or imagined, such as freeing them at great cost from the horrors of fascist domination, with which so many of them happily collaborated.
The jostling for position amongst ministers over the past two years has been a disgrace. They resigned from government one day as a matter of principal, only to rejoin it the next day as they saw better opportunities to get higher up the ladder before they finally brought about the collapse of the government of which they were supposed to be such loyal members.
Ministers have never been so happy as they day on which they realised that Brexit meant the end of Human Rights legislation in the UK. Ministers could not hide their joy as they saw a possible end to the European court, little realising that before we joined Europe, we were the only country in Europe which had no statutory human rights. Did these empty headed numpties want to see Maggie Thatchers mounted police literally riding down unarmed miners fleeing from them across the fields of Orgreave, Did they really want to see Arthur Scargills hordes closing down pits, and power stations and much of British Industry as he plunged Britain into the darkness of the three day week and saw Downing Street as his weekend holiday home..Their faces lit with glee as they saw the emasculation of the European court. The very same Europan court which has just ordered thousands and thousand of judges to be restored to the positions from which newly elected governments in Poland and Hungary had illegally removed them.
There was far more to Brexit than trade and economics. The deliberate trampling down of the democratic rights of the British people in last nights embarassing farce puts those responsible on the same level as the unelected bureaucracies of Brussels and the toothless gravy trainers of Strasbourg, Brexit is now dead.