Cadence Minerals PLC Update - Auroch Minerals (9890V)

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RNS Number : 9890V

Cadence Minerals PLC

27 July 2018

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Auroch Minerals (ASX: AOU) Permitting Approval Gives Green Light for Maiden Drilling Programme at Arden Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Auroch Minerals (ASX: AOU) has received permitting approval to commence a maiden drilling programme at its Arden Base-metals Project in South Australia. The approval of the Exploration Program for Environment Protection and Rehabilitation "EPEPR" provides scope to commence up to 2,500m of exploratory drillings to test highly-prospective zinc, lead, copper and cobalt targets at the Ragless Range, Radford Creek and Kanyaka Prospects. The Company has completed access negotiations with the relevant landowners as required, and DDH1 Drilling Pty Ltd (DDH1 Drilling) has advised that a drill rig has begun mobilisation to Arden. Drilling will commence as early as next week

Highlights:

   --      Environmental approval (EPEPR) granted for planned drilling programme at the Arden Project 

-- Drill programme of up to 2,500m of RC and diamond drilling will test highly-prospective zinc, lead, copper and cobalt targets

   --      Maiden drilling programme fully funded from strong balance sheet 
   --      DDH1 Drilling has initiated mobilisation of drill rig to site 

Cadence currently owns approximately 7% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

The full release can be found at: https://wlpdf.weblink.com.au/pdf/AOU/02002525.pdf

Cadence Minerals CEO Kiran Morzaria commented: "We are delighted by the pace of developments at the Arden project. We congratulate Aidan Platel and his team for securing approval of the EPEPR, which was the final hurdle for Auroch before commencement of the maiden drilling programme."

"We look forward to the first set of drilling results in the next few weeks."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- Ends -

For further information:

 
Cadence Minerals plc                   [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 WH Ireland Limited (NOMAD & Broker)    [phone] 
 James Joyce 
 James Sinclair-Ford 
 
 Hannam & Partners LLP (Joint Broker)   [phone] 
 Neil Passmore 
 Ingo Hofmaier 
 
 Square1 Consulting                     [phone] 
 David Bick 
 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over GBP20 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identi ed by their use of terms and phrases such as "believe" "could" "should" "envisage" "estimate" "intend" "may" "plan" "will" or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

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July 27, 2018 03:37 ET (07:37 GMT)