REPLACEMENT: Director Dealing

RNS Number : 9277V

Phoenix Global Mining Ltd

08 November 2017

 

REPLACEMENT

The following amendment(s) has (have) been made to the 'Director Dealing' announcement released on 8 November 2017 at 7.00am under RNS No 8498V. 

The number of shares purchased by Marcus Edwards-Jones was 250,000 rather than 125,000.  Accordingly, he now holds 2,698,786 shares representing 1.17 per cent. of the issued share capital and total voting rights of the Company.   

All other details remain unchanged.

The full amended text is shown below.

Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining

8 November 2017

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

Director Dealing

Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted, US-focused copper exploration and development company, has been informed that Marcus Edwards-Jones, Non-Executive Chairman of the Company, purchased 250,000 shares of nil par value in the Company ("Shares") on 7 November 2017 at a price of 4.5 pence per share.

Following completion of the share purchase, Marcus Edwards-Jones holds 2,698,786 Shares representing 1.17 per cent. of the issued share capital and total voting rights of the Company.   

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.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Marcus Edwards-Jones
2.	Reason for the notification
a)	Position/status:	Non-Executive Chairman
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Phoenix Global Mining Ltd
b)	LEI:	2138006UWPZAB1A75680
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Shares of nil par value each ISIN: VGG7060R1055
b)	Nature of the transaction:	Purchase of shares
c)	Price(s) and volume(s):	Price(s) Volume(s)  4.5 pence 250,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 4.5 pence 250,000
e)	Date of the transaction:	7 November 2017
f)	Place of the transaction:	AIM

**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/ Alex Walker/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 12.8mt grading 0.53% copper ('Cu') for 68,200t contained Cu from historical drill holes, 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. Furthermore, the Mine has an exploration target of between 3.4 to 6.7 million tonnes (derived from historic data), grading 0.34% to 0.50% Cu for 11,560 to 33,500 tonnes of additional contained copper and there is potential to extract additional metals, including gold, silver, zinc and tungsten.

The Company also holds two highly prospective cobber-cobalt properties in Idaho, US, which are located north of the Empire Mine.  These are situated close to the town of Cobalt and are proximal to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt.  Early stage exploration is currently underway and drilling is 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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