Phoenix Global Mining Ltd Director/PDMR Shareholding (9175W)

TIDMPGM

RNS Number : 9175W

Phoenix Global Mining Ltd

06 August 2018

Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining

6 August 2018

Phoenix Global Mining Ltd ('Phoenix' or the 'Company')

Director/PDMR Shareholding

Phoenix Global Mining Ltd (LSE AIM: PGM), the AIM quoted, North American-focused base and precious metals exploration and development company, has been informed that Andre Cohen, a Non-Executive Director of the Company, and his wife, Kay Cohen, together sold 500,000 Shares of the Company from their share accounts at 3.1p, and bought 500,000 Shares of the Company via their Individual Savings Accounts ("ISAs") at 3.105p, to effect a transfer into their ISAs.

Andre and Kay Cohen's beneficial ownership over shares in the Company has not changed as a result of this transaction.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                      Andre and Kay Cohen 
     -----------------------------------------  -------------------------------------- 
 2.   Reason for the notification 
     --------------------------------------------------------------------------------- 
 a)   Position/status:                           Andre Cohen: Non-Executive 
                                                  Director 
                                                  Kay Cohen: Wife of Andre 
                                                  Cohen 
     -----------------------------------------  -------------------------------------- 
 b)   Initial notification/Amendment:            Initial notification 
     -----------------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------------- 
 a)   Name:                                      Phoenix Global Mining 
                                                  Ltd 
     -----------------------------------------  -------------------------------------- 
 b)   LEI:                                       2138006UWPZAB1A75680 
     -----------------------------------------  -------------------------------------- 
 4.   Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     --------------------------------------------------------------------------------- 
 a)   Description of the financial instrument,   Shares of nil par value 
       type of instrument:                        each 
       Identification code: 
                                                  ISIN: VGG7060R1055 
     -----------------------------------------  -------------------------------------- 
 b)   Nature of the transaction:                 Transfer of shares from 
                                                  share accounts into ISA 
                                                  accounts 
     -----------------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s):                     Andre Cohen: Price(s)      Volume(s) 
                                                    Sold at       Sold 300,000 
                                                     3.1 pence     Bought 
                                                     and bought    300,000 
                                                     at 3.105 
                                                     pence 
                                                                 ------------- 
 
 
                                                   Kay Cohen: Price(s)      Volume(s) 
                                                    Sold at       Sold 200,000 
                                                     3.1 pence     Bought 
                                                     and bought    200,000 
                                                     at 3.105 
                                                     pence 
                                                                 ------------- 
     -----------------------------------------  -------------------------------------- 
 d)   Aggregated information:                     Price(s)      Volume(s) 
       Aggregated volume:                          Sold at       Sold 500,000 
       Price:                                       3.1 pence     Bought 500,000 
                                                    and bought 
                                                    at 3.105 
                                                    pence 
     -----------------------------------------  -------------------------------------- 
 e)   Date of the transaction:                   2 August 2018 
     -----------------------------------------  -------------------------------------- 
 f)   Place of the transaction:                  AIM 
     -----------------------------------------  -------------------------------------- 
 

**ENDS**

For further information please visit www.pgmining.com or contact:

 
 Phoenix Global Mining   Dennis Thomas / Richard Wilkins      Tel: +44 7827 
  Ltd                                                          290 849 (Dennis) 
                                                               / 
                                                               [phone] 
                                                               657 (Richard) 
 SP Angel                Lindsay Mair / Caroline Rowe         Tel: +44 20 
  (Nominated Adviser                                           3470 0470 
  and Joint Broker 
                        -----------------------------------  ------------------ 
 Brandon Hill Capital    Jonathan Evans / Oliver Stansfield   Tel: +44 20 
  (Joint Broker)                                               3463 5000 
                        -----------------------------------  ------------------ 
 

Notes

Phoenix Global Mining Ltd (AIM: PGM) is a North American-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production and exploring for cobalt in Idaho and gold in Canada.

Having established an initial copper oxide JORC and NI 43-101 resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy. Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 8,000t copper cathode per annum. Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered. Preliminary Economic Analysis work on the priority open pit oxide resource is already underway. It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides.

The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine. These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and First Cobalt. Exploration will continue during 2018 to identify drilling targets.

The Company has also acquired an exclusive option to explore and develop the Gordon Lake Project, in the Northwest Territories, Canada, a high-grade shear hosted gold project comprising of 17 known mineralised zones of which only four have been tested with 59 diamond drill holes. The Company will proceed to examine the optimal way forward to develop the project as a low-cost underground gold producer.

With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base and precious metals producing company, offering exposure to three high value and high demand metals with compelling demand/supply fundamentals.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DSHGIGDISXGBGIL

(END) Dow Jones Newswires

August 06, 2018 04:37 ET (08:37 GMT)