Business
Cobre Magnetite Stockpile Access Extended
Cobre Magnetite Stockpile Access Extended.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4563E Strategic Minerals PLC 09 February 2018 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\n \n \n9 February 2018\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\" or \"SML\")\n \nCobre Magnetite Stockpile Access Extended\n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that the Company's access to the Cobre magnetite stockpile in New Mexico, USA has been extended to 31 March 2019.\n \nSouthern Minerals Group (\"SMG\"), the wholly owned subsidiary of the Company, has an existing contract with the owner of the Cobre Mine for access to the magnetite stockpile, which is subject to an annual extension. SMG has received confirmation from the Cobre Mine owner that the existing contract will roll over providing guaranteed access until 31 March 2019. In line with the contract, an automatic one-year extension will occur should the owner, prior to 28 February 2019, fail to notify SMG, in writing, of its intention to terminate the contract.\n \nCommenting, John Peters, Managing Director of Strategic Minerals, said: \n \n\"We are delighted to have our access at Cobre extended until April 2019 considering our expectation that the strong sales achieved in 2017 will continue this year. We have a good working relationship with the mine owner and, on this basis, it would suggest that the contract will ultimately continue to rollover until the entire stockpile is removed.\n \nThe expected Cobre sales and existing cash balances place the Company in a strong position from which we hope to be able to internally fund exploration programmes at Hanns Camp/Mount Weld and Redmoor and provide capital to restart the Leigh Creek Copper Mine operations.\n \nThe Board believes that the contract extension augurs well for another important year for the Company.\"\n \nFor further information, please contact:\n &n...