Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Bacanora Minerals in which Cadence currently owns a 16.1% shareholding has provided an update on the Sonora Project in Mexico, including progress on the work processes for the feasibility study and debt funding discussions.
The full Bacanora announcement can be found at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13340072.html.
The Sonora Lithium Project and Details of Cadence’s ownership:
Cadence owns a direct interest of 16.1% of Bacanora. The Sonora Lithium Project is comprised of the following lithium properties:
- La Ventana, La Ventana 1, and Megalit concessions, which are 100 percent owned by Minera Sonora Borax S.A. de C.V.(“MSB”), a wholly-owned subsidiary of Bacanora; Cadence, through its direct interest of 16.06% of Bacanora, has an indirect interest in these concessions of 16.1%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are held by Mexilit S.A. de C.V. (“Mexilit”). Cadence has a 41.2% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with Cadence’s direct interest of 16.1% in Bacanora, has a total economic interest in Mexalit of 41.2%.
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
James Joyce |
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James Bavister |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
David Bick |
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 £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.