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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mineral & Financial Investments Limited | LSE:MAFL | London | Ordinary Share | KYG6181G1055 | ORD 1P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 11.50 | 12.50 | 12.00 | 12.00 | 12.00 | 347,917 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metal Mining Services | 2.39M | 1.55M | 0.0420 | 2.86 | 4.43M |
TIDMMAFL
RNS Number : 3464H
Mineral & Financial Invest. Limited
07 June 2017
MINERAL & FINANCIAL INVESTMENTS LIMITED
("Mineral & Financial", "MAFL", or the "Company")
Investment Update:
TH Crestgate ownership of the Lagoa Salgada Project Increased to 100%
HIGHLIGHTS:
- TH Crestgate increases its ownership of the Lagoa Salgada Project to 100% - 15% interest being purchased from Empresa Desenvolvimento Mineiro SA (EDM) - Innovative payment structure based on the purchase of technical services from EDM - Significant increase in in-situ metal attributable to TH Crestgate
George Town, Cayman Island - June 7, 2017 - Mineral & Financial Investments is pleased to announce thatTH Crestgate GmbH, a private Swiss based investment company in which MAFL has a 49% holding ("TH Crestgate") has, as of today, increased its stake in the Lagoa Salgada Project in South Central Portugal to 100% , by purchasing the 15% interest held by Empresa Desenvolvimento Mineiro SA ("EDM").
EDM has assumed a leading role in the domestic Portuguese mining industry, performing the role of sector operator for the Portuguese State and also assuming the role of "holding" company for the government's mining investments.
Jacques Vaillancourt, Chairman of Mineral and Financial, stated: "We understand from TH Crestgate, that the dealings with the Portuguese Government and its state owned mining company, EDM, have been exceptionally positive at every step. Specifically, we understand EDM has been an excellent and supportive partner on the Lagoa Salgada Project. TH Crestgate proposed the purchase of the 15% interest; however, it was EDM that proposed the structure. This transaction shows how constructive EDM is for mining companies.
TH Crestgate believes that a 100% interest in Lagoa Salgada will provide greater overall flexibility with this project. Additionally, the deal will allow TH Crestgate to access the technical expertise of EDM. As a result of this transaction TH Crestgate's net in-situ metal resource ownership will increase by 41.5 million lbs. of lead; 42.3 million lbs. of zinc; 5.1 million lbs. of copper; 1.16 million oz. of silver, and; 17,780 oz. of gold (see table below). To put this transaction in context, assuming the successful move of the Lagoa Salgada Project into production, and full recovery of the resource outlined below, the dollar value of the in-situ value accretion to TH Crestgate's benefit is around US$144 million of additional in-situ metal to its credit with this transaction. However, at this stage, there can be no guarantee that this value will be achieved "
The deal's structure calls for Redcorp (TH Crestgate's Portuguese subsidiary) to purchase geo-technical services from EDM. EDM will provide these services at market competitive rates to Redcorp for the Lagoa Salgada Project for the remainder of 2017. These services will be paid for monthly.
ASSET DESCRIPTION
The 13,400-hectare Lagoa Salgada project currently has 17 identified gravimetric anomalies as well as a preliminary resource. The preliminary resource is located on one of these gravimetric anomalies, the LS-1 zone. The Central Sector is located within the LS-1 zone and is approximately 1200 meters SE of LS-1's 4.5 million tonne zinc / lead polymetallic preliminary resource. The Lagoa Salgada resource is focused on one gravimetric anomaly, LS-1. There are a total of 17 gravimetric anomalies on the property These anomalies remain to be fully tested.
The historical, Canadian Institute of Mining (CIM) compliant, resource estimate, located on LS-1, completed in 2012 by Paul Daigle, P.Geo, is summarized below:
Category Net Attributable to Net Increase In TH Crestgate Attributable Metal to TH Crestgate ---------------------- ------------------------------------------------------------------- ------------------------- LS-1 Tonnes Mineral Grade Contained Units Contained Units Sector Metal Metal ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Pb (%) 2.94 190,686,436 Lbs. 28,602,965 Lbs. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Zn (%) 3.40 220,521,729 Lbs. 33,078,260 Lbs. ---------- -------- ------------ -------- --------------- -------- Cu (%) 0.34 22,052,173 Lbs. 3,307,826 Lbs. ---------- -------- ------------ -------- --------------- -------- Ag (g/t) 54.72 5,175,824 Oz. 776,374 Oz. ---------- -------- ------------ -------- --------------- -------- Au Indicated 2,942,000 (g/t) 0.82 77,562 Oz. 11,635 Oz. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Pb (%) 2.50 85,648,710 Lbs. 12,847,306 Lbs. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Zn (%) 1.80 61,667,071 Lbs. 9,250,060 Lbs. ---------- -------- ------------ -------- --------------- -------- Cu (%) 0.35 11,990,819 Lbs. 1,798,623 Lbs. ---------- -------- ------------ -------- --------------- -------- Ag (g/t) 51.00 2,548,073 Oz. 382,211 Oz. ---------- -------- ------------ -------- --------------- -------- Au Inferred 1,554,000 (g/t) 0.78 38,971 Oz. 5,846 Oz. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Pb (%) 2.79 276,335,146 Lbs. 41,450,272 Lbs. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- -------- Zn (%) 2.85 282,188,800 Lbs. 42,328,320 Lbs. ---------- -------- ------------ -------- --------------- -------- Cu (%) 0.34 34,042,992 Lbs. 5,106,449 Lbs. ---------- -------- ------------ -------- --------------- -------- Ag (g/t) 53.43 7,723,897 Oz. 1,158,584 Oz. ---------- -------- ------------ -------- --------------- -------- Au Total 4,496,000 (g/t) 0.81 116,532 Oz. 17,480 Oz. ---------------------- --------------------- ---------- -------- ------------ -------- --------------- --------
Source: Tetra-Tech Wardrop
References in this announcement to exploration results and resource updates have been approved for release by Joao Barros, BSc (Engineering), MSc (Geology), who has more than 14 years of relevant experience in the field of activity concerned. Mr Barros is a Member of the Portuguese Engineers Association. Mr Barros, employed by Redcorp Empreedimentos Mineiros, Lda., a wholly owned subsidiary of TH Crestgate GmbH, consented to the inclusion of the material in the form and context in which it appears.
This report should be seen as indicative of possible mineral content and not definitive, as the sample group is insufficient to arrive at any economic conclusions.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174 Jon Belliss, Beaufort Securities Limited +44 207 382 8300 Alastair Ford, Mineral & Financial Investments +44 20 7389 0813
This information is provided by RNS
The company news service from the London Stock Exchange
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June 07, 2017 02:00 ET (06:00 GMT)
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