Pilbara Palomino Cobalt Licence Application Gra...

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[{"type":"text","content":"\n \n06 March 2018\n\nMetalNRG PLC\n\n(the \"Company\" or “MetalNRG”)\n\nPilbara Palomino Cobalt Project Licence Application Granted\n\nMetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to confirm that one of the Palomino Cobalt Project exploration licence application, over which the Company has the right to acquire 100%, has now been granted.\n\nInformation relating to this licence and the investment by the Company in Australian Cobalt and the Palomino Cobalt project was outlined within the Company’s news announcement dated 29 June 2017 with the original transaction information replicated below to assist readers.\n\nHighlights:\n\n•Application for exploration licence E46/1167 now granted by the Western Australia Department of Mines, Industry Regulation and Safety;\n\n•E46/1167 represents an area covering ten graticular blocks or circa 31.9 square kilometres of ground;\n\n•The area covered by the Palomino Cobalt Project\n\n•MetalNRG has the right to acquire 100% of the Palomino Cobalt project, when the licence applications are granted, subject to the issue to the vendors of two million MetalNRG shares;\n\n•MetalNRG is taking the steps to finalise this transaction and is working with our Joint Venture partners to prepare a work programme for next stage exploration;\n\n•Further information will follow shortly via market announcements.\n\nRolf Gerritsen, MetalNRG’s new Chief Executive Officer, added: “I am delighted to announce the award of this important exploration licence which marks formal commencement of the Company’s first direct project investment.\n\nCobalt is a highly attractive metal for resource investors.  With the current LME cobalt cash price up 38% since June 2017, at $79,000/t, it is a good time to be investing in new cobalt opportunities.\n\nI look forward to providing further updates to market as we embark on progressing this exciting project.”\n\nOriginal Transaction Information (updated from 29 June 2017) (except that the block has been revised to “circa 32 square kilometres” instead of “circa 40 square kilometres” as originally stated in the announcement of 29 June 2017”):\n\n“The Palomino Cobalt Project is an exploration block of circa 32 square kilometres in Western Australia covered by explo...

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