Minto Operation Update for Q2 2020

RNS Number : 4143T

Pembridge Resources plc

20 July 2020

 

20 July 2020

Minto Operation Update for Q2 2020

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

Highlights

· 6,820 wet metric tonnes (Q1: 6,975 wet metric tonnes) of concentrate was produced during the second quarter of 2020

· Payments of US$9.8m received by Minto from Sumitomo (Q1: US$18.7m, of which US$5.4m related to December 2019 production)

· Pricing of 90% of the cargo shipped to Japan in April 2020 is now fixed at $2.657 per pound for copper, thus ensuring that all cash advances received already from Sumitomo during 2019 and Q1 2020 and relating to the April cargo shipment are fully covered by the final revenue to be received for the cargo

· Next shipment to Japan is planned before the end of Q3 2020, based on current production levels

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

"I am pleased that Minto's team has managed to maintain operations and production during Q2 in line with Q1 production.  Minto has managed effectively the difficulties arising from the Covid 19 virus and is set to grow its operations in the second half of this year, as the world economy starts to recover.  Although the quarantine restrictions have affected operations, they are a necessary measure that should enable the mine to continue operating safely as long as Yukon Government regulations permit this and the safety of all staff working at the mine is not compromised."

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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