Appointment of Executive Chairman

RNS Number : 9409B

Phoenix Global Mining Ltd

16 January 2018

 

Phoenix Global Mining Ltd / ticker: PGM / Index: AIM / Sector: Mining

Phoenix Global Mining Ltd ("Phoenix" or the "Company")

Change of role of Chairman

Phoenix Global Mining Ltd (AIM: PGM.L), the AIM quoted, US focused copper and cobalt exploration and development company, is pleased to announce that Marcus Edwards-Jones, previously non-executive Chairman, has been appointed Executive Chairman with immediate effect.

Dennis Thomas, the Company's CEO, said,

"We are delighted to announce that Marcus has agreed to change his role from non-executive Chairman to Executive Chairman. Since listing on AIM in June 2017 the Company has moved forward at a rapid pace and 2018 will continue this progress. This is a highly strategic time to be advancing mining operations in the US and his new role will enable Marcus to focus on enhancing the Company's profile both in the UK and the US. 

"The supply of copper and cobalt is becoming increasingly critical as the forecast rise in the number of electric vehicles and new forms of energy storage put pressure on manufacturers to find stable and responsibly-sourced supplies of these valuable commodities.  I believe that our US focus gives us a significant advantage in that regard.

"The development of our Empire Copper Mine continues on schedule and updated research from our broker, Brandon Hill, which takes into account the favourable impact of a rising copper price and the recently announced US corporate tax cuts, highlights the strong viability of the Empire Project. We welcome Marcus to the executive team and look forward to an exciting year ahead."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information please visit www.pgmining.com or contact:

Phoenix Global Mining Ltd	Dennis Thomas & Richard Wilkins	c/o St Brides Partners [phone]
SP Angel (Nominated Advisor)	Lindsay Mair / Caroline Rowe	Tel: [phone]
Brandon Hill Capital (Broker)	Jonathan Evans / Oliver Stansfield/Robert Beenstock	Tel: [phone]
St Brides Partners (Financial PR)	Charlotte Page / Susie Geliher	Tel: [phone]

Notes

Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA back into production.

Having established an initial copper oxide JORC resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu. Phoenix has defined a two-phase development strategy.  Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 7,000t copper cathode per annum by 2020 via an SX-EW plant.  Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered.  Preliminary Feasibility Study work on the priority open pit oxide resource is already underway.

It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides.  The Company also holds two prospective copper-cobalt properties in Idaho, US, which are located north of the Empire Mine.  These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt.  Early stage exploration is underway with drilling targeted to commence in 2018.

With a management team that has successfully constructed, commissioned and operated mines and a low risk, mining-friendly jurisdiction with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal producing company, offering exposure to two high demand technology metals with compelling demand/supply fundamentals.

 

END

 

 

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