Additional Strategic Exploration License Granted

RNS Number : 2922G

Capital Metals PLC

29 March 2022

 

29 March 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Capital Metals plc

("CMET" or the "Company")

Additional Strategic Exploration License Granted

Highlights

· New Exploration Licence granted due North of current project

· Additional 24km² of prospective ground

Capital Metals plc (AIM:CMET), a natural resources company focused on the development of the Eastern Minerals Project located in the Eastern Province in Sri Lanka ("the Project"), one of the highest-grade mineral sands projects globally, is pleased to announce the issue of an additional exploration license ("EL") to further extend the Eastern Minerals Project 12 km to the north, including the Oluvil Port.

The Company's wholly owned subsidiary Damsila Exports (Pvt) Ltd has been granted a new EL, which is an extension from the northern boundary of the current Project and provides a further 12 km length of contiguous coverage over a total area of 24 km².  The EL contains areas prospective for further mineral sands resources, which have been identified for follow up drilling later this year.

The EL has been granted by the Geographical Survey and Mines Bureau of Sri Lanka ("GSMB") which is also the government authority tasked with issuing the Company's first Industrial Mining License. The EL has been granted for an initial period of 2 years but can be renewed up to 4 times for a potential term of 10 years.

The map of the Project Licenses can be found via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2922G_1-2022-3-28.pdf

Michael Frayne, Chief Executive Officer commented:

"Obtaining the additional exploration license is a great achievement and shows that Sri Lanka is well and truly open for business following delays as a result of Covid-19.  We worked closely with the GSMB to obtain this licence and are encouraged that they are getting back to being fully operational as they are also the authority that will grant our Industrial Mining Licence.

"We are very excited to add this licence to our exploration portfolio and look forward to drilling identified areas on it later this year."

  For further information, please visit www.capitalmetals.com or contact:  

Capital Metals plc Michael Frayne (CEO) James Mahony (CFO)	[e-mail]
SPARK Advisory Partners (Nominated Adviser) Neil Baldwin / James Keeshan	[phone]
WH Ireland Limited (Joint Broker) Harry Ansell / Katy Mitchell	[phone]
Tavira Securities Limited (Joint Broker) Jonathan Evans / Oliver Stansfield	[phone]

 

END

 

 

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