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Redcorp & Ascendant - Mining Concession Contract
Redcorp & Ascendant - Mining Concession Contract.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 7004R\n Mineral & Financial Invest. Limited\n 08 November 2021\n \n \n \n \n MINERAL AND FINANCIAL INVESTMENTS LIMITED\n \n \n Investment Update: Redcorp & Ascendant Sign Definitive Mining Concession Contract For The Lagoa Salgada Project In Portugal\n \n \n HIGHLIGHTS:\n \n · \n \n An initial mining contract term for 20 years and extendable to up to 50 years\n \n \n \n · \n \n Two distinct phases for work development are clearly defined\n \n \n \n · \n \n The contract defines a fixed royalty on the value at the mouth of the mine of mining products or concentrates shipped or used, being paid 66.6% to 33.3% payable to 1/3 being paid to the local Municipalities where the project is located\n \n \n \n · \n \n The Company is required to outline its reclamation plans and minimization of the environmental impact of the operation \n \n \n \n · \n Redcorp & Ascendant to commence infill drilling immediately and will begin work towards a Bankable Feasibility Study (\n \"\n \n BFS\n \n \"\n \n ) early in 2022\n \n \n \n \n \n \n \n \n \n \n George Town, Cayman Islands - 8 November 2021 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL) \n (\"M&FI\" or the \"Company\")\n is\n extremely pleased to announce that 75% owned Redcorp Empreedimentos Mineiros Lda (\n \"\n Redcorp\n \"\n ) and Ascendant Resources Ltd (\n \"\n Ascendant\n \"\n ) \n signed on October 28, 2021 with the Portuguese Government, through the General Directorate for Energy and Geology (the \"DGEG\"), the definitive mining concession contract for the Lagoa Salgada VMS Project (the \"Lagoa Salgada Project\") in the prolific Iberian Pyrite Belt, Portugal. \n The development costs \n are funded and guided by Ascendant Resources, which owns 25% of Redcorp, as part of Ascendant's previously announced earn-in agreement with M&FI (please refer to the RNS of August 1, 2018 which has been amended (see announcement dated July 1, 2020)). \n \n \n \n \n \n Jacques Vaillancourt, President & CEO of M&FI stated, \n \n \"We are extremely pleased with the signing of the definitive mining concession contract as this represents another huge step towards the full development of the Lagoa Salgada Project. We would like to thank the Portuguese Government for their ongoing support of the Lagoa Salgada P...