Minto Third Shipment of Copper Concentrate

RNS Number : 6737H

Pembridge Resources plc

07 December 2020

 

7 December 2020

Minto Third Shipment of Copper Concentrate

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the third shipment of copper concentrate from the Minto mine.

On Thursday 3^rd December, the third shipment of copper concentrate since the Minto mine re-opened left the port of Skagway on board the bulk carrier 'Ernst Oldendorff', on its way to Niihama in Japan.  This load of 3,900 wet metric tonnes represents the mine's production from August 2020, when the second shipment was made, up to the point at which barge access across the Yukon River to the Klondike Highway was no longer available.  In keeping with established risk mitigation policies, 90% of the copper content of the concentrate has been hedged at a price of $3.498 per lb.  The Minto mine continues to produce concentrate and will be able to transport further loads to Skagway when the annual ice bridge across the river becomes available in the new year.

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

"This third shipment of copper concentrate is a further landmark for the Minto team, who have maintained operations and continued developing the mine through the challenges of Covid-19 quarantine requirements. It is particularly satisfying that the increased copper price is further rewarding their hard work."

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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