Cobre Magnetite Mine Update

RNS Number : 6966V

Strategic Minerals PLC

01 February 2017

 

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1 February 2017

Strategic Minerals plc

("Strategic Minerals" or the "Company" or "SML")

Cobre Magnetite Mine Update

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that the Company's access to the Cobre magnetite stockpile in New Mexico, USA has been extended to 28 February 2018.

Southern Minerals Group ("SMG"), the wholly owned subsidiary of the Company, has an existing contract with the owner of the Cobre mine under which it has access to the Cobre magnetite stockpile. The contract is currently subject to an annual extension, and SMG has received confirmation from the Cobre Mine owner that it is its intention to extend the existing contract to 28 February 2018.

In addition to securing this important 12 month extension, the Company and SMG are continuing to progress discussions with the mine owner to further extend the formal access period to the Cobre magnetite stockpile.

Commenting, John Peters, Managing Director of Strategic Minerals, said:

"Our on-going dialogue with the mine owner is progressing and we hope to secure a more permanent, mutually beneficial arrangement for future operations at Cobre. In the meantime, we are pleased that the existing contract has been extended to 28 February 2018 and look forward to adding new customers and increasing sales."

For further information, please contact:

Strategic Minerals plc John Peters Managing Director www.strategicminerals.net Follow Strategic Minerals on: Twitter:   @SML_Minerals                                                            LinkedIn: www.linkedin.com/company/strategic-minerals-plc	[phone]
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Ewan Leggat Laura Harrison	[phone]
Optiva Securities Limited Joint Broker Graeme Dickson	[phone]
Yellow Jersey PR Financial PR Felicity Winkles Alistair de Kare-Silver Joe Burgess	[phone]

Notes to Editors

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America, the UK and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration. 

In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides, gold and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK.

 

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