Strategic Minerals PLC Receipt of Shares in Cornwall Resources Limited (0799W)

TIDMSML

RNS Number : 0799W

Strategic Minerals PLC

06 February 2017

6 February 2017

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Receipt of Shares in Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral production and development company, confirms that it has exercised its remaining option to purchase further shares in Cornwall Resources Limited ("CRL", formerly called "NAE Resources (UK) Limited"), making a payment of GBP843,649, and has been issued a further 248,864 shares in CRL. This brings SML's shares in CRL up to 309,837, which matches that of its joint venture partner, New Age Exploration Limited.

Commenting, Strategic Minerals' Managing Director, John Peters, said:

"The funding of the option payment now sets the framework in place for progressing the 2017 Redmoor tin/tungsten drilling programme near Kelly Bray, Cornwall. We look forward to updating the market on the drilling programme in the first quarter of 2017."

Please refer to the announcement made by the Company on 26(th) May 2016, for more information about the Redmoor tin/tungsten project and the particulars of the option to acquire up to a 50% interest in CRL.

For further information, please contact:

 
  Strategic Minerals 
   plc 
   John Peters 
   Managing Director 
   www.strategicminerals.net 
 
   Follow Strategic Minerals 
   on: 
   Twitter: @SML_Minerals              +61 (0) 414 
   LinkedIn: strategic-minerals-plc     727 965 
 SP Angel Corporate 
  Finance LLP 
  Nominated Adviser and 
  Joint Broker 
  Ewan Leggat                          [phone] 
  Laura Harrison                        0470 
 Optiva Securities Limited 
  Joint Broker                         [phone] 
  Graeme Dickson                        1880 
 Yellow Jersey PR 
  Financial PR 
  Felicity Winkles 
  Alistair de Kare-Silver              +44 (0)7825 
  Joe Burgess                           916 715 
 

Notes to Editors

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration.

In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into arrangements to take up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The Company completed the acquisition of these shares in February 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 06, 2017 02:00 ET (07:00 GMT)