Business
Exercise of Listed Options Completed
Exercise of Listed Options Completed.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 9061C European Metals Holdings Limited 01 July 2016 \n\n \nFor immediate release\n1 July 2016\nEUROPEAN METALS HOLDINGS LIMITED\nExercise of Listed Options Completed\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") (ASX and AIM: EMH) is pleased to advise that the exercise of the 10 cent Listed Options, expiring 30 June 2016, has now been completed with the Company receiving a total of $2,136,536. \nEuropean Metals Managing Director Keith Coughlan said, \"The level of support shown by our shareholders in the Company and the Cinovec Lithium Project is very pleasing. These funds will be utilised to assist with the completion of the pre-feasibility study on the very large Cinovec lithium/tin deposit which is currently underway. I look forward to reporting soon on progress with the study which is advancing rapidly.\"\n \nPROJECT OVERVIEW \nCinovec Lithium/Tin Project \nEuropean Metals owns 100% of the Cinovec lithium-tin deposit in the Czech Republic. Cinovec is an historic mine incorporating a significant undeveloped lithium-tin resource with by-product potential including tungsten, rubidium, scandium, niobium and tantalum and potash. Cinovec hosts a globally significant hard rock lithium deposit with a total Inferred Mineral Resource of 532Mt @ 0.43% Li2O containing 5.7 million tonnes Lithium Carbonate Equivalent\nThis makes Cinovec the largest lithium deposit in Europe and the fourth largest non-brine deposit in the world.\nWithin this resource lies one of the largest undeveloped tin deposits in the world, with total Indicated and Inferred Mineral Resources of 75.4Mt grading 0.23% Sn for 176kt of contained tin. The Mineral Resource Estimates are based primarily on over 83,000 metres of historic drilling and 21.5 km of historic underground development completed by the Czechoslovakian Government from the 1960s through to the 1980s. The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation. \nA Scoping Study conducted by specialist independent consultants indicates the deposit could be amenable to bulk underground mining. Metallurgical test work has produced both battery grade lithium carbonate and high-grade tin concentrate at excellent recoveries with the Scoping Study revealing a potent...