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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Q4 Update & Early 2020 Update on W Australia Projects, “Iron Ore the Commodity for 2020”.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s Q4 update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on it’s flagship Lake Giles Iron Project, along with very positive early exploration results across Macarthur’s iron ore, gold, nickel and cobalt projects in Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7.4% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Highlights:
- The Lake Giles Iron Project, Feasibility Study (FS), is well underway with the infill drilling program completed in December. Results from the first batch of samples from Reverse Circulation (RC) and Diamond (DD) drilling were reported to the market on December 10, 2019. Several drill holes intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit.
- Macarthur was admitted to the Official List of Australian Securities Exchange (ASX) on December 4, 2019 and commenced quotation of its securities on ASX on December 6, 2019.
- The Company successfully closed the Offer under its Replacement Prospectus on 28 November 2019 with subscriptions accepted for 20,032,952 shares at a price of A$0.25 per share for a total consideration of A$5,008,238. Funds from the ASX IPO will be primarily used to advance the Company’s flagship Lake Giles Iron Project.
Macarthur entered into a binding agreement with Arrow Minerals Limited (Arrow) to acquire the rights to a substantial package of land covering approximately 4950 ha adjacent to the Moonshine Magnetite deposit. The tenure will be used for constructing supporting infrastructure including the, processing plant, camp, airstrip, waste rocks dumps and a tailings storage facility. The deal with Arrow also paves the way forward to obtain access to tenure to construct a private haul road from the project through to the open access Perth to Kalgoorlie railway owned by Arc Infrastructure.- A drilling program was completed at the Hillside project in the Pilbara region of Western Australia to test potential supergene and hypogene mineralisation above and below the water table along the majority of a 14-kilometre Gossan line where previous rock chip sampling identified anomalous copper. This program also tested outcropping quartz vein mineralisation identified through prospecting activities.
Along with key partners, Macarthur will continue to actively advance its iron ore assets in Western Australia. Infill drilling of the Moonshine Magnetite deposit has been completed with samples submitted to the laboratory. On receipt of assay results, Macarthur will update the geological model of the Moonshine Magnetite deposits in conjunction with completing a Feasibility Study of the Lake Giles Iron Project. Furthermore, Macarthur will work closely with Fe Limited to advance exploration of its high-quality lithium, gold and base metal tenements in the Pilbara region.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8174582862817551&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall commented: “The strong iron ore price continues to trade in a spot range (for the last quarter) of US$80-$93/tonne for 62% Fe ore and this is creating momentum in the global iron ore industry. Historically, iron ore prices tend to retract in the lead up to the Chinese New Year period when mills generally reduce production, but this does not appear to be the case this year.
Macarthur’s focus remains on delivering a high-quality, low-impurity magnetite fines product (+65% Fe) which will target Asian steel mills that are focused on producing quality steel products, enhanced furnace efficiencies, reduced consumption of coking coal and improved environment emissions standards.
In reflecting on the 2019 calendar year, it is pleasing to note the Company achieved all of its targeted goals for the year.”
Cadence CEO Kiran Morzaria commented: “While 2019 proved to be a bumper year for Macarthur and its shareholders, the company’s bullish outlook for 2020, along with management comments on the strength of the iron ore price, provides a strong endorsement for Cadence Minerals’ investment strategy, both into Macarthur and into our own iron ore project at Amapa, Brazil.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) Intersects High Grade Magnetite at its Lake Giles Iron Project, W Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on the recent infill drilling program at its Lake Giles Iron Project in the Yilgarn region of Western Australia. Infill Drilling has intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit and assay results have been received for several Reverse Circulation (RC) drill holes.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7.4% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Highlights:
- Reverse Circulation drilling has successfully intersected the previously identified high grade magnetite mineralisation at Moonshine North.
- Hole LGRC_2160 intersected an interval 86m to 180m (94m) averaging 40.51% Fe (including the interval 121m to 171m with a grade of 47.52% Fe).
- Hole LGRC_2166 intersected the interval 95m to 152m (57m) averaging 40.23% Fe (including the interval 129m to 147m with a grade of 60.64% Fe).
- Diamond drill hole LGDD_071 drilled at Moonshine North has also intersected the high-grade magnetite mineralisation from a down hole depth of 91.5m to 162.74m (71.24m) with strong visual magnetite content.
The drilling programme commenced on 17 August 2019 and concluded on 8 December 2019 with a total of 21 RC holes and nine diamond drill holes completed.
The results of the drilling campaign have shown a successful intersection of high-grade magnetite mineralisation. Previous test work has demonstrated the potential to produce a processed high-grade magnetite concentrate of approximately 68-69%.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5886035836892236&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall commented: “The Company is extremely pleased with its successful listing on the Australian Securities Exchange (ASX) and the positive market response in the first two days of trading. Macarthur’s dual listing on the ASX and the TSX-V will provide the Company with increased opportunities in the pre-development stage of its flagship Moonshine Magnetite Project.
“With Australia as a major exporter of iron ore to the world and the ASX being the home exchange to some of the world’s largest iron ore producing companies, it makes sense for Macarthur to be dual listed in Australia.”
Cadence CEO Kiran Morzaria commented; “As major shareholders in the company, the Cadence board remains enthused by the ongoing potential at the Lake Giles Iron project, and the increased profile Macarthur now enjoys as a dual listed entity. We look forward to further updates.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Commences Drilling Program at Hillside Project in the Pilbara Targeting Copper, Gold and Manganese.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has commenced a Reverse Circulation (RC) drilling campaign at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
FE Limited Drilling Program Highlights:
- Road access and site earthworks at the Hillside Project have been completed.
- Programme of Works approvals have been received from the Western Australian Department of Mines, Industry, Resources and Safety (DMIRS).
- Heritage clearance obtained from the Native Title Claimants.
- Mobile Camp and RC drill rig has been mobilised to site.
- Drilling planned to commence today
Drilling has been planned to test potential supergene and hypogene mineralisation above and below the water table along the majority of the 14-kilometre Gossan line. This program will also test outcropping quartz vein mineralisation identified through prospecting activities.
Additional follow-up exploration will also be conducted in the vicinity of the high-grade manganese outcrop identified during recent field work.
FE Limited Earn-in with Macarthur
Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur entered into an exclusive option agreement (“Option Agreement”) with FEL as announced on May 14, 2019, to earn up to 75% in its Pilbara lithium and gold projects in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4745802456957360&qm_symbol=MMS
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Expands Hillside Copper, Gold and Manganese Drilling Program at Hillside in the Pilbara.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has announced the company is fully funded for upcoming drilling at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Highlights:
- Fe Limited’s (ASX: FEL) cash balance has been boosted by the September quarter iron ore royalty payment of $645,775 from mining conducted by Mineral Resources Ltd at the Deception Iron Ore Mine in WA.
- The Q3 payment is 2.5 times the June quarter payment with further increased quarterly royalty payments expected as mining at Deception ramps-up.
- This payment will allow FEL to ramp-up exploration at the Hillside earn-in project in WA’s Pilbara region where recent sampling produced copper results of up to 18.8% as well as a surprising manganese oxide result of 59.4%.
Macarthur Minerals Executive Chairman Cameron McCall commented; “I am pleased to report that Fe Limited is expanding its drilling program at the Hillside Project in the Pilbara. FEL has raised over $1.2m since commencement of the Joint Venture which will be used to fund exploration and drilling activities across the tenements. FEL has obtained exciting rock chip samples containing high grade copper, manganese and gold at the Hillside Project. We look forward to reporting further positive results from the drilling program.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4571037186219115&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; “FEL’s announcement yesterday will allow the company to ramp-up exploration activities at the Hillside Project and, following the assay results announced earlier this month, is both great news for Macarthur Minerals and for Cadence as a major shareholder in Macarthur. We look forward to further drilling results from the Hillside project.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals (KDNC) – Auroch Minerals (ASX: AOU) – Saints Nickel Project Drilling Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) on its maiden drilling programme at its recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The latest diamond drill-hole SNDD005 intersected 1.60m of semi-massive to massive sulphide mineralisation. The mineralisation is nickeliferous, with significant pentlandite (one of the major nickel sulphide ore minerals) observed intergrown with pyrrhotite, along with pyrite and chalcopyrite (a copper sulphide ore mineral). The interval has been processed and sampled by the Auroch team and assays are pending.
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 1% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
Highlights:
- 1.60m of nickeliferous semi-massive to massive sulphide mineralisation intersected in drill-hole. SNDD005 of maiden drilling programme (assays pending)
- Disseminated to massive sulphide mineralisation intersected in all five drill-holes completed to-date (assays pending).
- Drilling programme 50% completed and progressing on time and budget.
- Down-hole electromagnetic (DHEM) surveys to be undertaken over the coming week on all completed drill-holes.
Auroch Managing Director Aidan Platel commented: “We are very pleased with the progress of our maiden drilling programme at the Saints Nickel Project. We are halfway through the programme and progressing on-schedule and on-budget, and the drilling has been of a high standard. The nickeliferous massive sulphides intersected in drill-hole SNDD005 are very interesting and we look forward to receiving the assay results as soon as possible. With 5 holes remaining to drill, all of the assay results still to come and down-hole EM surveys commencing next week, we look forward to receiving a large amount of data over the next two months that will guide the next phase of drilling at the Saints Nickel Project in early 2020, and will continue to update the market as this information is received.”
The full release can be found at: https://www.investi.com.au/api/announcements/aou/4dc13449-07e.pdf
Cadence Minerals CEO Kiran Morzaria commented: “We are pleased to note that the Saints Nickel drilling programme is now 50% complete, and has been delivered on schedule and on budget. This is an exciting period for Auroch shareholders as we await the first assay results.”
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For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals (KDNC) Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Releases Hillside Copper and Gold Results and Discovers New Manganese Prospect up to 59.4% MnO.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”), has released further significant copper and gold assays including a new manganese oxide area sample recording 59.4% MnO result from a recent field trip to the Hillside Project in the Pilbara Region of Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Highlights:
- High grade copper, gold, silver and base metals assays received from outcrop sampling of Gossan over a 14km strike.
- Newly discovered manganese deposit in sub parallel outcrop to the gossan line.
Significant results include:
- 1.2ppm Au, 18.8% Cu, 77ppm Ag, 0.17% Zn, 0.057% Co
- 0.77ppm Au, 3.7% Cu, 187ppm Ag, 0.5% Zn, 0.06% Co
- 1.06ppm Au, 13.9% Cu, 79ppm Ag, 0.44% Zn
- 0.31ppm Au, 4.5% Cu, 76ppm Ag, 0.35% Zn, 0.05% Co
- 0.28ppm Au, 1.3%Cu, 14ppm Ag, 0.17% Zn, 0.04% Co
- 0.45ppm Au, 3.1% Cu, 50ppm Ag, 0.49% Zn
- 0.34ppm Au, 3.0% Cu, 22ppm Ag
- 0.83ppm Au, 7.2% Cu, 78ppm Ag, 0.93% Zn, 0.095% Co
- 59.4% MnO (>46% Mn)
Drilling planned and ready for mobilisation in late October (pending approvals)
Macarthur Minerals Executive Chairman Cameron McCall commented; “We are pleased to provide an update on the work completed since the Joint Venture between Macarthur and Fe Limited was entered into on May 14, 2019. FEL’s exploration activities have been focused on the Company’s previously underexplored Pilbara lithium and gold areas and to date, the results have been very encouraging with numerous high-grade results in the Hillside and Strelley Project areas. FEL is currently in the process of planning a drilling program with the areas shaping up to host multiple attractive and untested prospects.”
As previously announced by the Company on August 23, 2019, samples collected by FEL’s geological team from the Hillside Project returned strongly anomalous grades for base metals and gold from several locations.
The assay results are highly encouraging with 8 samples returning copper values over 1% with a peak of 18.8% and often accompanied with elevated gold, silver and zinc values.
Of considerable interest was an assay result of 59.4% MnO (46% Mn) from a sample collected from outcrop of a newly discovered oxide horizon. By comparison, Consolidated Minerals’ Woodie Woodie manganese deposit has a resource grade averaging 31.4% Mn. This prospect will be followed up in due course.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4943880064964348&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; “Macarthur Minerals continues to make solid progress with the FEL JV at the Hillside Project. In addition to a raft of high grade copper, gold, silver and zinc results, the new high grade manganese prospect has added an additional and potentially valuable dimension to the project.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.