Business
Update - European Metals Cinovec License Extension
Update - European Metals Cinovec License Extension.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8735H Cadence Minerals PLC 05 August 2019 \n\nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \nEuropean Metals (AIM: EMH) - Extension of Cinovec Exploration License.\nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (\"European Metals\" or \"EMH\") has announced that it has been granted an extension to the Cinovec Exploration Licence (\"the licence\") that covers the two granted Preliminary Mining Permits (\"PMP's\"). The granted PMP's convey the sole and exclusive rights upon the Company to apply for a Final Mining Permit, however do not allow for further drilling. As the Company wishes to conduct further metallurgical and measured resource drilling, the extension to the exploration license that was due to expire in July 2019 was sought.\nThe licence has now been extended until 31 December 2020. \nThe Czech Ministry of the Environment stated in its extension decision the possibility of a further extension of the licence if necessary to complete all planned work. The Company does not envisage that a further extension will be necessary.\nCadence Minerals Holding in EMH\nCadence holds approximately 19.1 percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (\"Geomet\"), controls the mineral exploration licenses awarded by the Czech State over Cinovec.\nCzech Permitting\nAfter granting of the exploration licence, a company needs to undertake a summary geological and reserves calculation report that is submitted to the Ministry of Environment (\"MoE\") and if successful, results in granting of a Deposit Certificate. Approval from MoE and a Deposit Certificate issued entitles the Company to apply for a PMP. \nGeomet has already carried out a geological survey at all 3 deposit territories - the East, South and Northwest and successfully presented all final reports and reserves calculations to MoE. Deposit Certificates have been granted for all 3 deposits. \nThe Company currently holds PMP's for East and South deposits. A PMP application for the Northwest deposit area is currently in the permitting process. If the process is successfully completed, the 3 granted PMP's will cover the entire area of the Cínovec deposit. The Company holds an exclusive right to apply f...