AGM Statement

RNS Number : 2007J

Equatorial Mining & Exploration PLC

26 June 2017

 

Equatorial Mining & Exploration Plc ("EME" or the "Company")

AGM Statement

At today's Annual General Meeting of the Company during which all resolutions were duly passed, Nicholas Nelson, Chairman, made the following statement:

"Working on a tight budget, we continue to make progress in Nigeria with a view to achieving coal production in the near term.

"During my recent visit, we concluded a pitting exercise at our chosen mine site (in Eastern Kogi State) to confirm the presence of a two metre thick thermal coal seam, close to the surface.  Concurrently with this excellent news, we finalised an agreement with the owner of the exploration licence covering our chosen mine site area, which enables us to commence excavation the moment we lodge the mining permit with the Nigerian Mining Cadastre Office.

"We aim to have this completed within two weeks, by which time we should have agreed terms with our mining partner to move to the site and commence access track preparation and site clearance.

"Our new model of dealing with existing exploration licence owners, appears to be the way forward.  We select locations where the coal seam is visible (either through past artisanal mining or through previous pitting) and requires no expensive core hole drilling on our part.  We then agree to a profit share scheme and proceed towards an excavation plan.  We have no fewer than three potential projects in mind once the first is underway and drawing revenue.

"The demand for coal in West Africa appears to be strengthening through continual acceleration in the construction and building products sectors and the price per tonne remains steady at approximately $45.  We look forward to providing a further update at the time of our interim figures in September"

26 June 2017

Enquiries:

Equatorial Mining & Exploration Plc: Nicholas Nelson, Executive Chairman	[e-mail]
NEX Adviser and Broker Alexander David Securities James Dewhurst	[phone]

The Directors take responsibility for this announcement.

 

END

 

 

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