IMC has previously announced that it has undertaken a strategic review of all its projects. IMC is now concentrating on its three main ventures: tailings and spoils project in Avoca, Co. Wicklow, the North Wexford gold project and its zinc project located close to the Kilbricken deposit in Tulla, Co. Clare.Focusing on completion of our works’ programmes on our principal projects should accelerate progress to realising the potential of IMC’s valuable assets for the benefit of the shareholders.
The Directors of IMC are delighted to announce the completion, subject to the approval of The Minister for Communications, Climate Action and Environment,of the Joint Venture agreement with Trove Rehabilitation Limited (“TRL”). The JV agreement, which provides inter alia, for the issue to TRL of 18,750,000 new IMC shares,relates to ourmine waste rehabilitation project in Avoca, covering all of the mine waste, both tailings and spoils, from the closed Avoca Copper Mine, which is on our PL 3849 and PL 3850 licence areas. Following the Avoca mine’s closure in 1982, the mine site and spoil heaps have been largely undisturbed and sampling by the Environmental Protection Agency, the Geological Survey of Ireland and Camp Dresser & McKee Inc. (“CDM”) has shown that significant quantities of gold, lead and copper remain in the spoil heaps.
CDM reports that the Avoca spoils contain significant concentrations of,“…copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg). Analyses of seepage from the Mount Platt spoils indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, iron, and aluminium.”
This report further confirms that the mine exploited a VMS-type deposit, which is polymetallic, as is typical for such deposits. Operating during the 1970s and 1980s, copper, lead and zinc were extracted at Avoca, although both gold and silver are also known to be present.
This is a very exciting development for IMC. TheDirectors believe the Joint Venture has the potential to transform IMC from an exploration company to a mining and rehabilitationbusiness.
These developments have led the Board of IMC to appoint new directors with additional skill-sets to progress this new partnership and strategic vision. The Board wishes to announce the appointments of Eamon O’Brien (B.Sc., H.D.E., M.B.A.) and Kathryn Byrne (F.P.R.I.I.) as Directors of the Company. Both appointees bring a depth of relevant knowledge, expertise and experience. Mr. O’Brien will be appointed as Chairman of the Board with immediate effect.
About Eamon O’Brien:
Eamon O’Brien, after graduating with an MBA, workedon Wall Street with Quick & Reilly, a specialised U. S. stockbroking firm. On returning to Ireland, he joined NCB Stockbrokers in Dublin before moving to Davy Stockbrokers. He has since served as a consultant on various projects, including retail management, software projects and property development.
He was a founding member and CFO of Eurocommerce, a payments processing company, now owned by Mastercard. Eamon graduated from University College Dublin with a B.Sc. which included chemistry and geology. He later gained an MBA.
About Kathryn Byrne:
Kathryn Byrne is a Director of a communications consultancy company based in Dublin. Taking a lead role in project management and event management, her expertise includes PR both corporate and consumer, media relations and public affairs. Kathryn takes an active role in the wider business and civic community. Kathryn served as a government appointed board member of An Board Altranais and as a council member of Gaisce – the President’s Award. She is involved in the Networks for Women in Business and was a founding member of BNI (Business Network International).
Kathryn is a Fellow of the Public Relations Institute of Ireland (PRII). She is former Honorary Secretary and board member of the PRII. She is also a Global Affiliate of the Chartered Institute of Public Relations. Kathryn holds an honours post-graduate diploma in public relations and is a member of the Institute of Chartered Secretaries & Administrators.
Nial Ring is to resign from the Board in order to take up a new position outside the industry, which does not compete with IMC’s interests. Nial has been instrumental in developing the Company since inceptionand his contribution to its growth is gratefully acknowledged by the Board.
Further, Liam McGrattan will resign from the Board. For the past seven years, Liam has done a remarkable job as a director of IMC. His highlights include the Koza joint venture agreement, advancement of IMC’s North Wexford gold project along with IMC’s base metal project adjoining the Kilbricken deposit in Co. Clare and the completion of an outline study relating to the secondary processing of mine material from the Avoca mine in Co. Wicklow. This has culminated in IMC’s conclusion of the new Trove JV, discussed above.
Issues of Equity Securities:
IMC recognises the tremendous contribution that Liam and Nial have made to the Company over the last seven years and in acknowledgement of past services, each of Liam McGrattan, Nial Ring and Lisa McDonnell will be issued with 8,600,000 shares. Dr. Glenn Millar and Laz Fleming will be issued with 2,000,000 shares each for their contributions to the Company. A further 6,458,281 shares will be issued to third parties in satisfaction of professional fees owed.
Each of Eamon O’Brien and Kathryn Byrne will be issued with 1,000,000 newIMC shares in consideration for their acceptance of their appointments.
The above new shares are all being issued at a price or a deemed price of 1pence per share.
Dr Glenn Millar, Director of IMC, said, “It has been a real pleasure over the past seven years working with Nial Ring and Liam McGrattan. I would like to welcome Eamon O’Brien and Kathryn Byrne and look forward to working alongside them in furtherance of shareholders’ interests.”
The new Chairman of IMC, Eamon O’Brien, commented, “I am delighted to join the Board of IMC and look forward to assisting the Company to realise its potential. At this exciting time, with the feasibility study underway to assess in greater detail the quantity and value of the Avoca project, I am confident that it will provide shareholders with an economically robust project in an established mining jurisdiction with the scope for substantial value creation. I believe the Avoca project should also attract significant strategic interest.”
IMC Exploration Group PLC,
Dublin,10th May 2018
The Directors of IMC have issued this announcement after due and careful enquiry and accept responsibility for its content.
Keith, Bayley, Rogers & Co. Limited
Tel: United Kingdom +44 20 7464 4098
Tel: United Kingdom +44 20 7464 4091
Mob: UAE +971 50 856 9408