Ferrum Crescent Ltd Appointment of Mining Sense Consultancy (7000L)

TIDMFCR

RNS Number : 7000L

Ferrum Crescent Ltd

23 April 2018

23 April 2018

Ferrum Crescent Limited

("FCR", the "Company" or the "Group")(ASX, AIM, JSE: FCR)

Appointment of Mining Sense Consultancy

FCR, the European lead-zinc explorer, today announces that it has engaged the services of Mining Sense Consulting ("Mining Sense") (www.miningsenseconsulting.com), a Spanish consultancy company to the mining industry, to complement the existing operational team focused on the Toral lead, zinc and silver project, located in the Province of Leon, Spain (the "Toral Project").

Mining Sense's Technical Director, Jesús Montero, will lead the consultancy team dedicated to the Toral Project. Working alongside the Company's existing in-country management, under the direction of Myles Campion, Group Technical Director, Mining Sense will assist with:

   --      Preperation of exploration drilling sites and contracting drilling operators; 
   --      Undertaking first desktop study on local area and industrial operations; and 
   --      Agreeing Preliminary Economic Assessment (PEA) parameters and schedule for completion 

The Mining Sense team will be embedded within the operations team at the Toral Project and will work with the Company to pursue its stated objectives of:

-- Providing a preliminary economical assessment and conceptual mine plan for the Toral Project

   --      Drilling the eastern extension to identify further resources 
   --      Assess development pathways for potentially bringing the Toral Project into production 

Whilst Mining Sense has already begun work for the Company in respect of the Toral Project, agreement on contractual payment terms for the work to the scope set out above is subject to the Company receiving approval for the issue of new ordinary shares in the Company to raise up to GBP1,000,000 (gross) pursuant to the conditional fundraising announced on 21 March 2018, at the Company's forthcoming general meeting on 21 May 2018.

Jesús Montero is a mining engineer, specialising in mine planning and design, with over 15 years industry experience working on exploration to production projects. Mr Montero has been involved in the design and development of two flagship mining projects in Spain; Berkeley Energia's Uranium project in Salamanca and the Cobre Las Cruces Copper Mine near Seville.

Over the last five years, Mr Montero has driven the mining studies and initial construction of the Berkeley Energia's Salamanca project as Mining Manager. Following the publication of a Definitive Feasibility Study, the project is now being fast tracked into production, with full construction currently underway.

Myles Campion, Group Technical Director, commented today:

"We welcome Mining Sense and Mr Montero to the team we are building at Toral. Jesús brings with him the technical capabilities of Mining Sense as a group, and also significant first hand development experience in Spain. This is a great first step on the road to defining and developing our Pb/Zn deposit at Toral."

For further information on the Company, please visit www.fcrexploration.com or www.ferrumcrescent.com or contact:

Ferrum Crescent Limited

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: [phone]

Laurence Read, Executive Director (UK)

T: + 44 (0)20 3289 9923

Strand Hanson Limited (Nominated Adviser)

Rory Murphy / Matthew Chandler

T: [phone]

Turner Pope Investments Limited (Joint Broker)

Andy Thacker

T: [phone]

Peterhouse Corporate Finance Limited (Joint Broker)

Lucy Williams / Duncan Vasey / Heena Karani

T: [phone]

Bravura Capital (Pty) Ltd (JSE Sponsor)

Melanie De Nysschen

T (direct): [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 23, 2018 02:00 ET (06:00 GMT)