Company Update and Change of Accounting Date

RNS Number : 4931U

Strategic Minerals PLC

22 December 2011

 



For immediate release: 22 December 2011

Strategic Minerals plc

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

Company Update and Change of Accounting Date

Strategic Minerals (AIM:SML), is pleased to provide the following end of period update on its current projects, ongoing strategy and Board composition. Admitted to AIM only in June of this year, Strategic Minerals completed its first acquisition of Ebony Iron Pty in September 2011.

Current Projects

Cobre

The Company is pleased to report that the rail upgrade activity, site overburden removal, and dewatering of the lower sections of the initially contracted 1.5 million tonne magnetite stockpile continues to progress on schedule and the Company is confident it will be ready for first rail transport around the end of Q1 2012.

Iron Glen

The Company is also pleased to report that the geological consultants have progressed well with the resource assessment activities on the data from the 2011 drill programme and that the full report is now expected in January 2012.

Company Strategy

In line with the Company's strategy of developing a balanced portfolio of projects that deliver near term revenue potential with those that offer significant long term asset appreciation potential, the Board is pleased to report that the Company has made significant progress in:

1.   Converting its in-principle agreements for iron ore exploration rights to full tenement ownership rights for its tenements in Western Australia and the Northern Territory, Australia;

2.   Identifying and developing a pipeline of new projects to complement the existing portfolio.

The Company anticipates being able to provide updates on the above items in due course.

Board Composition and Change of Accounting Reference Date

In light of the expanded scope of activity since the Company's admission to AIM in June 2011, the Company is currently reviewing the roles and responsibilities of its Board and Senior Management team so as to best utilise the resources already within the group to advance its portfolio of projects approach. The Company therefore looks forward to updating Shareholders in relation to this in due course.

In addition, the Company announces that the Company's accounting reference date is to be changed from 30 November to 31 December.  The Company intends to announce and post its year end results to shareholders before the end of May 2012.

Steven Sanders, Chairman of Strategic Minerals, commented:

"2011 has been a transformational period for SML. We look forward to building on that momentum and we see the ability of being able to generate near-time revenues as a key element in our growth strategy. We look forward to 2012 with great optimism and determination."

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For further information

Company
Strategic Minerals plc
David Weidemier	[phone]
Nominated Adviser/Broker
Allenby Capital Limited
Brian Stockbridge/James Reeve	[phone]
Joint-Broker
Daniel Stewart & Company Plc
Sean Lunn/Oliver Rigby	[phone]
Financial Public Relations
GTH Communications Limited
Toby Hall/Suzanne Johnson-Walsh	[phone]

About Strategic Minerals plc

Strategic Minerals plc is a UK registered iron ore producer focused on building a balanced portfolio of projects that generate near-term revenue. It currently has assets in Australia and the USA, most notably The Cobre Stockpile in New Mexico and the Iron Glen tenement in Queensland.

The Cobre Stockpile has been assessed to JORC standards and is estimated to contain over 1.5 million metric tonnes of magnetite at an average grade of 61.7% Fe of which an estimated 800,000 million metric tonnes is at 64% Fe.

Strategic Minerals' main exploration activity is currently taking place at the Iron Glen Tenement located approximately 40 kilometres southwest of Townsville, Queensland. The Company has in principle agreements for the purchase of tenements in the Western Australia and the Northern Territory of Australia.

For more information about Strategic Minerals, please go to http://strategicminerals.co.uk. You can also follow the Company on Facebook and LinkedIn.

 

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