Mining Investments Resources PLC Primorsky Silver Mine Rehabilitation Project (0065Y)
20 1월 2014 - 4:00PM
UK Regulatory
TIDMMIR
RNS Number : 0065Y
Mining Investments Resources PLC
20 January 2014
Mining Investments Resources plc
Primorsky Silver Mine Rehabilitation Project
Mining Investments Resources plc ("MIR" or the "Company") is
pleased to announce that it has entered into a preliminary
agreement (the "Agreement") which provides it with a legally
binding option to invest in a project to rehabilitate the Taezhny
Silver Mine in the Primorsky region of Russia. MIR believes that
the Taezhny mine provides an opportunity to place a high grade
silver deposit with potentially re-treatable tailings back into
production as the processing facilities and infrastructure are
largely in place. The Agreement is the culmination of a lengthy
period of due diligence and negotiation following the signing of a
letter of intent which was announced on 13 March 2013.
The Agreement enables MIR to conduct further due diligence and
reduce risk by undertaking additional metallurgical testing and
sampling of the existing tailings at the mine (the "Tests"), at an
estimated cost of around US$100,000, prior to committing to the
project rehabilitation (the "Main Transaction"). If the results of
the Tests are positive then it is envisaged that MIR will proceed
with the Main Transaction, subject to raising the necessary funds.
The Main Transaction involves MIR investing up to US$10 million in
consideration for a controlling shareholding of 60 per cent. of a
new holding company ("HoldCo") that will own the project. The
remaining 40 per cent. of HoldCo will be owned by Ruspacific Group
LLC ("Ruspacific"), the current majority owner of the Taezhny
mine.
The Agreement also provides the option for Ruspacific to
exchange its 40 per cent. interest in HoldCo for shares in MIR
issued at the price at which MIR raises finance for the project,
such shareholding not to exceed 29.9 per cent. of MIR's enlarged
share capital.
Suspension of Trading on AIM
Pursuant to AIM Rule 14, the Main Transaction, if completed,
would constitute a reverse takeover and therefore the Company has
requested that its shares be suspended from trading on AIM pending
an admission document being posted to shareholders or the Company
deciding not to progress with the Main Transaction. The suspension
is expected to be effective from 7.30am today. The Tests are
expected to take around three months.
Further information on the Taezhny silver project
The Directors of MIR believe that in the current silver price
environment the key factor to project economics is high grade. They
further consider that it is attractive for MIR to enter into the
Taezhny project because it offers the potential to rehabilitate and
improve a small high grade mine which can be placed back into
production combined with attractive exploration potential to prove
up additional resources.
The Taezhny Silver Mine was in production during Soviet times
using a simple flotation recovery process which provided a
concentrate for smelting. Technical scoping studies undertaken by
Saint Barbara LLP ("Saint Barbara") on behalf of MIR have concluded
that, subject to confirmatory sampling and metallurgical testing
under the Tests, the mined ore and associated tailings can be
recovered by modifying the existing plant in the following
manner:
(a) The addition of a gravity circuit to increase recoveries of
silver from mining and to reprocess the tailings.
(b) The addition of a cyanide circuit to process the silver
concentrate and replace the necessity of smelting.
The remaining C1 resources at Taezhny, which have been reviewed
by Saint Barbara, are estimated at 206,000 tonnes at 628 g/t silver
and the C2 resources are estimated at 537,000 tonnes at around 300
g/t silver. The mine also has tailings from the previous production
which have been estimated at between 415,000t to 500,000t grading
68 to 132 g/t. These estimates do not conform to the criteria of
resource estimates and the tailings require surveying and
metallurgical testing.
The Taezhny mine was the first producing silver mine of the
Primorsky silver belt and is accompanied by three exploration
licences which include exploration potential identified by various
Russian geological studies as follows:
An adjacent area is estimated to have potential (C2 and P1
resources) for 1.7 million tonnes at 220 g/t, a portion of which is
believed to have open pit potential.
An exploration licence over 12 kilometers of vein system, which
is partly explored by trenching and five drill holes and has
estimated potential P1 resources of 1 million tonnes at 354 g/t of
silver and 1.5 g/t of gold.
The third licence is less explored but has grab samples up to
3,920 g/t of silver and 7.9 g/t of gold.
Michael Nosworthy, Chairman of MIR, commented: "We are very
pleased to have concluded the Agreement, following lengthy
negotiations. The Taezhny project has the potential for near term
production and revenue and is in line with our strategy to identify
and invest in mining assets in Far East Russia."
Mining Investments
Michael Nosworthy Resources plc +33 675657274
Mining Investments
Steve Roberts Resources plc 07812043436
Northland Capital
Luke Cairns / Matthew Partners Limited 020 7796
Johnson (Nomad and Joint Broker) 8800
Peterhouse Corporate
John Levinson / Finance Limited 020 7469
Lucy Williams (Joint Broker) 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQKCDPNBKBADD
Mining Inv Re (LSE:MIR)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Mining Inv Re (LSE:MIR)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
