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#TM1 Technology Minerals – Proposed Sale of 10% Interest in US Projects

Technology Minerals (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has signed a Memorandum of Understanding (“MOU”) for the Proposed Sale (“Proposed Sale”) of an initial 10 per cent interest in the Company’s registered claims in its wholly owned US cobalt/copper projects; the Blackbird Creek Project and Emperium Project (collectively “the Properties”), Lemhi County, Idaho, United States of America, to Bluebird Metals LLC (“Bluebird” or “the Buyer”) for a cash consideration of £900,000. The MOU is legally binding in certain material respects.

Background: Blackbird and Emperium Projects

The Blackbird Creek Project is located within the Idaho Cobalt Belt (“ICB”), a 60 km long metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted in the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions. 

The Emperium Project covers approximately 55km² in east-central Idaho, making it one of the largest land positions in the Idaho Cobalt Belt. To date, there has been limited exploration conducted on the property in the form of lithogeochemical (rock) sampling, and satellite image interpretation.

Technology Minerals registered claims in the Properties comprise:

·      158 registered claims comprising approximately 3,175 acres, all located at the Blackbird Creek Property; and

·      694 registered claims comprising approximately 13,720 acres all located in the Emperium Project, Lemhi County, Idaho, United States of America.

The MOU also includes a proposed option for the Buyer to acquire a further 20 per cent interest in the Properties for a further cash consideration of £1.8m. The option will be exercisable within a 6-month period from the date of the signing of the detailed Purchase Agreement regarding the Proposed Sale.

Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “The proposed sale of a minority interest in our US projects is in line with our group strategy to progressively deliver value from our portfolio of junior mining assets. The Blackbird Creek and Emperium Projects form part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the Company for our shareholders.”

Related Party transaction

The Proposed Sale and grant of option are deemed to be related party transactions for the purposes of DTR 7.3 as Chang Oh Turkmani, a beneficial owner of the Buyer, is also a Non-Executive Director of Technology Minerals Plc and beneficial owner of 55,555,556 ordinary shares amounting to 4.37% of the issued shares in the Company.


The Directors of the Company accept responsibility for this announcement.


For further information please contact:


Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

Mosman Oil & Gas (MSMN) – USA Operations Update

USA Operations Update

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on its Projects in East Texas, USA.

Falcon (50% working interest)

The Falcon-1 well has continued to produce gas and oil (condensate). The most recent sales numbers advised a gross flow rate of 548 mmbtu/day (circa 95 boepd). Whilst the workover conducted in May did not increase gas production, nor reduce water production, the well has today been recompleted in a new zone to determine if that zone will flow at a higher rate of oil and gas. This is one of two zones identified on wireline logs as hydrocarbon bearing sands. Producing this zone will increase the understanding of the reservoir at Falcon. This in turn will enable the Galaxie lease area geological model to be revised, and the potential Galaxie well ranked against alternative drilling prospects.

Gross Production from Falcon-1 in the quarter ended 31 March 2021 was 9,274 boe.


Stanley (15 to 19% working interest)

At the Stanley Project, several workovers have been performed to optimise oil production. These workovers are normal oilfield practice as part of an ongoing management plan to maintain production and maximize long term recoveries.

Stanley-1 has initially produced at 120 bopd. The well will require sand control, which will be installed in the near future. Stanley-2 continues to produce at 20-25 bopd. Stanley-3 is producing at circa 40 bopd, with flow rate temporarily restricted by paraffin wax build up in the flow line that occurred prior to this workover. This wax build up will be hot oil treated next week to enable the well to flow at higher rates. Stanley-4 has been recompleted in a zone that initially produced both oil and gas. The separator equipment required to produce this well has been bought and will be installed this week. The flow rates of each of these wells will be announced once stable production numbers are available.

Gross production for the quarter ended 31 March 2021 was 14,557 bbl.


Greater Stanley (40% working interest)

The Duff well re-completion of a shallow zone did not produce oil, and the Operator now plans to stimulate and re-complete the well in the deeper Sparta zone in June.


Cinnabar (Mosman 97% working interest)

Cinnabar is the project where Mosman has the highest working interest (97%) and Operatorship. Technical work continues to define locations for multiple development wells on a lease which has produced and is held by production from two existing wells. The required 3D seismic data has now been acquired and the contract awarded to reprocess this 3D seismic data.


Resolution of legal matter

In August 2020, Mosman advised that the party that failed to complete the contract to buy the Welch project had issued a claim for the return of the non-refundable deposit paid totaling USD90,000. This claim was considered by Mosman to be without merit (confirmed by Texas legal advice). Mosman can now advise that it has made a commercial decision to settle the claim at a total cost of USD27,500 to Mosman, so as not to incur any additional fees associated with the claim.


Drilling programme

With all recent activity focused on workovers to optimise near-term production from existing wells Mosman is still committed to participating in drilling several wells this year. The candidates include wells at Cinnabar, Stanley and/or Galaxie.

John W Barr, Chairman, said:  Whilst it makes sense to optimise production, the need for ongoing workover operations has delayed our plans to drill new wells. We are encouraged that higher oil price with WTI over USD 70/bbl means the economics of existing and new wells has improved compared to the challenging prices in 2020.

“We remain well funded with approximately AUD$3.5 million cash in the bank as at 6 June 2021″


Qualified Person’s Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.




Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James

+44 (0) 20 3405 0205

+44 (0) 7525 324431


Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432


U.S. Official Warns of Assassination of Greek Government

greuAs long ago as February, US Treasury official Paul Craig Roberts warned that the Greek government could be assassinated if it turned to Russia for help.

Dr Roberts in a recent interview said ” “The Greek people and the Greek government have before them the unique opportunity to prevent World War III. All the Greek government needs to do, if the Greek people will get behind the government, is to default on the loans, resign from the EU and from NATO, and accept the deal that the Russians have offered them.

This would begin the unraveling of NATO. Very quickly Spain and Italy would follow. So southern Europe would desert NATO and so would Austria, Hungary and the Czech Republic. NATO is the mechanism that Washington uses to cause conflict with Russia. So as the EU and NATO unravel, the ability of Washington to produce this conflict disappears.

The EU and the ECB are using the Greek crisis to establish a ruling power structure. That makes it difficult to make an agreement with the new Greek government to ameliorate the conditions imposed on Greece. So it makes the EU inflexible. That inflexibility gives Greece the cards to say, ‘We’re not playing your game. We’re going to play a different game and accept Russia’s offer.’”

But back in early February Dr. Roberts said;

“We’ll see whether the Greek government does that. Now of course they may not be allowed to. They may be assassinated. It’s entirely possible. I’ve never thought that the United States would allow a new government in any of its vassal states to rise up and become independent of Washington’s control. So the new Greek government officials may have an ‘accident.’ All kinds of terrible things can happen to people, and have, that get out of sync with Washington. We’ve had several cases in Latin and South America of leaders who wouldn’t follow Washington’s line having mysterious deaths. There have been a number of them who have been overthrown in CIA organized coups. ”

And a CIA coup in Greece is not beyond the realms of possibility. It has already happened once.

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