Update - European Metals Holdings

RNS Number : 7053Z

Cadence Minerals PLC

04 September 2018

 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

European Metals (AIM: EMH) Cinovec Project Update - Significant Advancements.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by European Metals Holdings Limited ("European Metals") highlighting recent significant advancements made in the development of the Cinovec Lithium-Tin Project ("Cinovec").

Highlights:

•    Work has commenced on an update of the Preliminary Feasibility Study to model the production of higher value lithium hydroxide due to its increasing use in lithium ion batteries. This study will be finalised later this month.

•    Leach recoveries of 94-95% lithium have been replicated in recently completed confirmatory laboratory scale roasting and water leaching tests in Germany. Locked cycle testwork will commence post the lithium hydroxide study to model the selected route.

          •    Licences have been granted for the commencement of geotechnical drilling at Cinovec.

Cadence holds approximately 20% of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13777367.html

Cadence Minerals CEO Kiran Morzaria commented: "As we have stated previously, the strategic importance of the Cinovec Lithium project as a future supply hub for the European EV and battery industry cannot be overstated."

"The developments announced today by Keith Coughlan and the European Metals team keeps the project aligned with Czech and European industry requirements for lithium product, and also provides a significant improvement to Cinovec economics."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- Ends -

For further information:

Cadence Minerals plc [phone] Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) [phone] James Joyce James Sinclair-Ford Hannam & Partners LLP (Joint Broker) [phone] Neil Passmore Ingo Hofmaier

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.

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.

Forward-Looking Statements:

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.

 

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