Minto Operation Update for Q4 2020

RNS Number : 3089L

Pembridge Resources plc

12 January 2021

 

12 January 2021

Minto Operation Update for Q4 2020

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the result of the Minto Explorations Ltd. ("Minto") mine's operations for the fourth quarter of 2020.

Highlights

· 5,143 wet metric tonnes of concentrate were produced during the fourth quarter of 2020 (Q3: 5,707 wet metric tonnes).

· Payments of US$17.5m received by Minto from Sumitomo during the fourth quarter of 2020 (Q3: US$18.4m)

· 24,646 wet metric tonnes of concentrate were produced during 2020 (2019: 7,167 wet metric tonnes).

· Payments of US$64.3m received by Minto from Sumitomo during 2020 (2019: US$7.1m)

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:

"This has been a quarter of continuing development at the Minto mine, having started active production from the Copper Keel area and development in Copper Keel West area.  The lower volume of concentrate produced in Q4 compared to Q3 was expected and is due to the processing of slightly lower grade ore in Q4 (1.07%) compared to Q3 (1.09%) which, as explained in the Q3 Operation Update, is due to including the final commercially viable tonnes from the Minto East ore body as well as the impact of start up production from Copper Keel area.  I am pleased to note that, for the whole of 2020, Minto produced 24,646 wet metric tonnes of concentrate and production is expected to be above this level for 2021."

ENDS

NOTES TO EDITORS

About Pembridge Resources plc

Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.

About Minto Explorations Limited

Minto operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.

Enquiries:

Pembridge Resources plc:   [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Brandon Hill Capital - United Kingdom:                                         [phone]

Jonathan Evans

 

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