Strategic Minerals PLC Settlement of Leigh Creek Copper Mine (7450G)

TIDMSML

RNS Number : 7450G

Strategic Minerals PLC

06 March 2018

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.

6 March 2018

Strategic Minerals plc

("Strategic Minerals", "SML" or the "Company")

Settlement of Leigh Creek Copper Mine

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that, further to its announcement on 27 February 2018, the acquisition of the Leigh Creek Copper Mine has now settled. Payment of AUD 1,500,000 (approx. GBP 850,000) has been made to the vendor and the subsequent issue of SML shares valued at AUD 1,450,000, based on the volume weighted average share price throughout the month of March, are due to be issued in early April. These shares are subject to dealing restrictions, with one third being locked-up for three months after issue, and another third being locked-up for six months after issue.

For further information, please contact:

 
                                      +61 (0) 414 
Strategic Minerals plc                 727 965 
John Peters 
Managing Director 
www.strategicminerals.net 
 
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Notes to Editors

Strategic Minerals Plc is an AIM-quoted, diversified mineral exploration, development and production company with projects in the United States of America, United Kingdom 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. Cobre continues to provide a significant revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd ('CARE'), which holds high quality exploration tenements in Western Australia that are prospective for cobalt, nickel sulphides, gold and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In May 2016, an additional advanced exploration project was acquired when the Company entered into a 'farm in' agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition was completed in February 2017 and the first drilling programme at the project was completed in November 2017. Redmoor is currently advancing a scoping study evaluation. The Company has also acquired the Leigh Creek Copper Mine ('LCCM'), situated in the copper rich belt of South Australia.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 06, 2018 02:00 ET (07:00 GMT)