Cadence Minerals PLC Update - Macarthur Minerals (6739V)

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RNS Number : 6739V

Cadence Minerals PLC

06 November 2017

Cadence Minerals Plc

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

Macarthur Minerals - Agreement to Acquire New Tenement in Pilbara, Western Australia

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that that Macarthur Minerals Ltd (TSX-V: MMS) has announced it has entered into an agreement to acquire 100% of granted exploration license E45/4685 covering an area of 35 square kilometers in the Pilbara region of Western Australia ("Tenement"), following the Letter of Intent announced on 12 September 2017.

The Tenement immediately adjoins Macarthur Minerals' Exploration Licence Applications E45/4824, E45/4708 and E45/4709, comprising the Hillside Gold Project.

Cadence has a 15.2% equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA. On the 25 October 2017, Macarthur issued a further 3.5 million shares as a result of the conversion of warrants into shares as a result Cadence equity position in Macarthur was reduced from 15.7% to 15.2%.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6904021430165222&qm_symbol=MMS:APH

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

"Historical sampling suggests that this area is highly prospective for gold with rock chip sampling returning results up to 447 grams per tonne gold and 7.8% copper. Previous prospecting has also found surface nugget gold in the area. Adjoining its three, existing tenement Exploration Licence Applications, we are pleased that Macarthur Minerals has enlarged its exploration position in the region."

- Ends -

 
 For further information, 
  please contact. 
 
 Cadence Minerals plc            [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 WH Ireland Limited (NOMAD 
  & Broker)                      [phone] 
 James Joyce 
 James Bavister 
 
 Hannam & Partners LLP (Joint 
  Broker)                        [phone] 
 Neil Passmore 
 Giles Fitzpatrick 
 
 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 GBP25 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 06, 2017 08:27 ET (13:27 GMT)