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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Study Advancing under Steady Hand of Global Consultancy Stantec.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has provided an update on the progress of the current Feasibility Study for the Company’s flagship Lake Giles Iron Project.
The Company’s lead consultant, Engenium now Stantec (Stantec), are advancing metallurgical process test work, process flow sheet development and key non-process infrastructure engineering design work for the Feasibility Study that is presently being undertaken on the Company’s flagship high grade magnetite Lake Giles Iron Project in Western Australia.
Stantec’s highly experienced metallurgical process consultant Mr Neville Dowson leads the metallurgical test work and development of the process flow sheet and engineering works for a metallurgical process plant design that will target delivery of a high grade +65% Fe magnetite concentrate. Under Stantec’s guidance, metallurgical sample testing is underway in Perth utilising the expertise of Bureau Veritas (a world leader in inspection, resting and certification). The results of this test work will provide Stantec with the crucial outputs to complete the metallurgical process flow sheet engineering design work.
Stantec is a highly regarded global consultancy with extensive experience in the mining sector. Stantec’s presence in Australia and Canada provides the perfect platform to deliver Macarthur’s Feasibility Study to required standards for the Australian and Canadian markets. The Stantec team have considerable experience in the design of magnetite processing plants. Dr Richard Peck, Macarthur’s magnetite processing subject matter expert is providing oversight on Stantec’s process design, metallurgical test work programme and preparation of the process design criteria, flow diagram and mass balance.
Jose Granado, Stantec Country Leader for Australia commented: “We are proud to leverage our global expertise and passion for applying sustainable best practice to help advance the Lake Giles Iron Project. By continuing our partnership with Macarthur Minerals, we are ready to deliver a feasibility study that paves the way forward for this important project.”
Macarthur Minerals CEO Andrew Bruton commented: “Following the onset of the Global Covid-19 pandemic early last year and throughout the balance of 2020, the Company has been steadily progressing the foundational work required to underpin the delivery of the study. Much of that work has focused on necessary background work to advance route to market concepts and delivery mechanisms. Although much of that work has not been visible to the market, it is essential.
The Feasibility Study is on track for delivery this year, and with the combined technical capabilities and experience of Stantec’s team lead by Neville Dowson and Macarthur’s highly experienced metallurgical consultant Dr Richard Peck and mining engineer Bernard Holtshousen, the Company has high expectations, and an equally high level of confidence, that the Feasibility Study will meet the expectations of the market.
Stantec’s involvement in key areas will help bring the Feasibility Study in on time and within budget. We look forward to continuing to work with them through these final phases of delivery.”
Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-lake-120000253.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Study Update. Macarthur to commence geotechnical drill programme at Moonshine to support mine planning for flagship magnetite project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it is about to commence a geotechnical drilling campaign to support mine planning work being undertaken as part of the current Feasibility Study for its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.
The drill programme is planned to commence during July and will involve the drilling of 8 diamond core holes for a total depth of 1560m, with varying depths of between 175 to 230m each.
The drill programme will be undertaken as efficiently as possible and is expected to take between 6 to 8 weeks to complete.
An image accompanying this announcement showing the planned geotechnical holes at the Lake Giles Iron Project preliminary layout is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0def0e3-a8f6-47ed-bb00-eb689b97cc27
Macarthur Minerals CEO Andrew Bruton commented: “This important phase of drilling work will provide information targeting the footwall and the hanging wall of the main pits for the first phase of magnetite mining operations at Moonshine and will be used to support mine planning work being undertaken by Orelogy Mine Consulting and Pells Sullivan Meynink (“PSM”) as part of Macarthur’s current Feasibility Study for our flagship, high grade magnetite Lake Giles Iron Project.
The scheduling of the drill programme aligns with the Company’s expectations for delivery of the Feasibility Study. The mobilisation of the drill crew and equipment on site will commence shortly and we look forward to keeping investors updated on the progress of this work over the course of the next few months.”
Link here to view the full announcement and drill hole detail:
https://finance.yahoo.com/news/lake-giles-feasibility-study-macarthur-120000554.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) makes application for additional tenure adjacent to flagship Lake Giles Iron Project to support planned DSO operation
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has advised that it has made an application for a Miscellaneous Licence covering an area of 74 hectares adjacent to its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.
The tenure, which is adjacent to the Snark deposit of the Ularring Hematite Project, will support Macarthur’s non-process infrastructure for its planned direct-shipping iron ore (“DSO”) campaign, initially targeting mining of the Snark and Drabble Downs deposits at Lake Giles.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55cc022b-92db-4bf9-898f-1862e15aad8d
Macarthur recently executed an Access Agreement to support the Application over this ground with its long-term associate, local prospector Mel Dalla-Costa. Macarthur intends to advance the Application as quickly as possible to allow the Company to target commencement of DSO production at the earliest available opportunity. The tenure will accommodate the mining operations centre that includes support infrastructure such as vehicle workshops, water storage, site offices, fuel supply and product stockpiling and loadout facilities.
Macarthur Minerals CEO Andrew Bruton commented: “Macarthur continues to advance mine and transport planning for a DSO mining operation at Ularring. This tenure application is another important step towards that objective.
The earliest commencement of revenue generating activities remains one of the Company’s key priorities. With a clear view of the transport logistics challenges that are always evident in a heated commodity market, Management has been taking time over the last several months to ensure that this objective can be optimised in its delivery, to enable the Company to take advantage of current iron ore prices.
The market has been patiently awaiting further details on our progress, and as we continue to advance arrangements for the mining of DSO at Ularring, we expect to provide further updates on this and other planned product export activities shortly.”
Link here for the full Macarthur announcement: https://finance.yahoo.com/news/lake-giles-ularring-dso-macarthur-120000697.html?guccounter=1
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Targets Acceleration of Lake Giles DSO Campaign With Mine Planning Work to Commence at Ularring.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it is advancing mine planning work to support intended hematite mining operations at Lake Giles in Western Australia.
The Company has commenced work to prepare a mine plan for a direct shipment ore (DSO) product under a mining campaign which will initially target the deposits of the Lake Giles Ularring Hematite Project.
In 2012 the Company completed a Pre-Feasibility Study (PFS) of the Ularring Hematite Project (“Project”) that included beneficiation of low-grade iron mineralisation. Given the current strength of the global iron ore market, the Company considers there is scope for development of a simple DSO operation with mobile crushing and screening equipment. The Company’s mine planning work will be premised on this basis, targeting a low capital, rapid development scenario.
This low-cost approach does not diminish the potential for a beneficiated sinter fines product as envisaged in the original 2012 PFS.
The Snark and Drabble Downs deposits are located in close proximity to the Evanston-Menzies road that is currently being used for ore haulage by local gold mining operators. This road provides direct access to sealed highways to both Geraldton and Esperance ports as well as open access rail networks.
The Company has engaged with road haulage contractors and has identified rail and export options utilising existing regional infrastructure. Additionally, the Company has made applications for miscellaneous licences to support the development of a mining camp and mining services infrastructure and is in discussions with neighbouring tenement holders for access to water bores.
Highlights:
- NI 43-101 Technical Report filed October 1, 2012, titled “NI 43-101 Technical Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite Project, Western Australia.”
- The detailed mine planning work focuses on the hematite deposits located at the Snark and Drabble Downs prospects where direct shipment ore (DSO) product has been defined. The work to be undertaken will support regulatory approval of a Mining Proposal and tendering of contract mining services, and will include:
- project optimization;
- mine design and layout;
- mine scheduling of DSO;
- mining cost estimation; and
- implementation planning.
The mine planning and associated geotechnical assessment work is expected to be completed by the end of June, and Macarthur intends to lodge a mining proposal with the Department of Mines, Industry Regulation and Safety (DMIRS) during Q3 this year.
The Company has identified options for an export pathway to support planned DSO mining operations and is aiming to complete arrangements for its preferred product transport and export solution shortly.
Following approval of the mine plan by DMIRS and subject to securing remaining project development approvals and closing project financing, the Company intends to target commencement of DSO production at Ularring at the earliest available opportunity.
Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “Iron ore is experiencing one of the largest price surges in decades, and our shareholders have been eagerly anticipating the Company’s advancement of early hematite mining operations at Ularring. The current market has presented both opportunities and challenges over the last several months as the Company navigates an increase in competitive demand for transport infrastructure and port access. Macarthur’s Management team has risen to the challenge and has worked to advance a solution which aims to take advantage of the current strength in iron ore prices by advancing early mining operations.
Early mining operations will also support the Company’s aim of commencing high grade magnetite mining operations at its Moonshine and Moonshine North deposits following the completion of the current Feasibility Study process. We are pleased to finally provide the market with the details of the next step towards this much anticipated corporate milestone being completed, and I look forward to keeping investors informed of the exciting developments along the pathway towards achieving our first shipment of iron ore. Further announcements on progress will follow in the coming weeks.”
The full announcement can be viewed here: https://finance.yahoo.com/news/macarthur-targets-acceleration-lake-giles-120000075.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Seeks TSX-V Approval to Close Financing on the Lake Giles Iron Ore Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that final approval is being sought from the TSX-V to close the private placement offering (the “Offering”) of US$6 million of secured Convertible Note (“Note”) as previously announced on March 19, 2019.
Macarthur owns 100% of the Lake Giles Iron Ore Project. The Project incorporates the Mineral Resources of the Moonshine Magnetite Project and the Ularring Hematite Project. The Moonshine Magnetite resource contains Inferred Mineral Resources of approximately 710 mt at 30.2% Fe. The Ularring Hematite resource includes Indicated Mineral Resources of approximately 54.46 Mt at 47.2% Fe and Inferred Mineral Resources of approximately 25.99 Mt at 45.4% Fe. The mineral resource estimates were detailed as previously announced on June 17, 2019 filed under the Preliminary Economic Assessment (“PEA”) undertaken by independent consultants Engenium Pty Ltd (“Engenium”) for a 2.5 to 3.4 Mtpa operation incorporating the Moonshine Magnetite and Ularring Hematite Mineral Resources to produce a high-grade blended concentrate in excess of 65% Fe. The technical and financial evaluation in the PEA indicates the Project is potentially economically viable and further project development is justified.- The Note has a face value of US$10,000 following adoption of a loan note instrument.
- The Note can be converted at any time into common shares of Macarthur at Noteholder’s option at a conversion price that reflects 80% of the average VWAP over 5 trading days immediately preceding a notice of conversion or at the greater of C$0.10 with attaching warrant offered for one fourth of the Commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance date.
- The Note will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
- The Note includes a mandatory conversion clause that such conversion may not have the effect of causing a Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
- The Mining Leases of the Project held by Macarthur act as security for the Note.
- Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date, under applicable Canadian securities legislation.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
James Joyce
James Sinclair-Ford
Jon Belliss
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.
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) Announces US$6m Financing to Complete Moonshine Magnetite and Ularring Hematite Iron Ore Bankable Feasibility Study.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has announced the issuance of a private placement offering (the “Offering”) of up to US$6 million of secured Convertible Note (“Note”).
The proceeds from the offering will be used to complete a Bankable Feasibility Study (“BFS”) on Macarthur’s Moonshine Magnetite and Ularring Hematite iron ore deposits in Western Australia. The BFS will include a 54-hole drill program.
Macarthur owns 100% of the Moonshine Magnetite Project, with an Inferred and Indicated Mineral Resource Estimate consisting of 1,316 million tonnes (Mt) @ 30.1% Iron (Fe). Initial metallurgical test work from core at Moonshine indicated that a very high-grade iron ore product ranging from 68.5%-69.1% Fe, can be achieved as an export quality target.
The Inferred Mineral Resource estimate for the Moonshine Magnetite Project was initially prepared by CSA Global Pty Ltd (NI43-101 Technical Report filed December 17, 2009, titled “NI43-101 Technical Report on Lake Giles Iron Ore Project: Western Australia”) and was updated by Snowden Mining Industry Consultants (NI43-101 Technical Report filed March 25, 2011, titled “Macarthur Minerals Limited: Moonshine and Moonshine North Prospects, Lake Giles Iron Project, Western Australia, NI43-101 Technical Report – Preliminary Assessment”).
Macarthur also owns the Ularring Hematite Project, with a Mineral Resource Estimate consisting of Indicated 54.46 Mt @ 47.2% Fe and Inferred 25.99Mt @ 45.4% Fe, previously announced on August 16, 2012 (NI 43-101 Technical Report filed October 1, 2012, titled “NI 43-101 Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite Project, Western Australia”). The Pre-feasibility Study focused on utilising all Probable Mineral Reserve of 42.95Mt @ 47% Fe hematite, producing a 60.1% Fe sinter fines product.
Cadence holds approximately 10% 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.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6810804576807869&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “As a major shareholder in the Company, Cadence Minerals are delighted that Macarthur Minerals has seized the initiative to progress the Moonshine Magnetite and Ularring Hematite Iron Ore projects with a US$6m offering. Existing data indicates solid potential for a quality iron ore product at both projects.” 
“To quote Macarthur CEO Cameron McCall: ‘what makes this project unique is the close proximity to existing under-utilized rail and port infrastructure. The recent disruption in supply in the iron ore market creates a market that is seeking high grade low impurity products, and the Moonshine Magnetite product is ideally suited to fill this supply void and to meet this shift in product preference by the major Chinese and global markets.’ In summary, we at Cadence believe that securing funding at this juncture further strengthens the Macarthur investment proposition.”
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) Update on High Grade Moonshine Magnetite and Ularring Hematite Projects and Infrastructure
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has provided an update on the Moonshine Magnetite and Ularring Hematite Projects (“Projects”) based upon revised production strategy and cost estimates, resulting in reduced Opex and Capex estimates.
Highlights:
- Capacity at Port of Esperance now available
- Capacity on rail network available
- Hematite DSO Opex estimate reduced to A$42/tonne (“t”) shipped free on board (“FOB”)
- Magnetite Opex estimate reduced to $55/tonne FOB
- Capex estimate for a combined project reduced to US$335 million
- High margin for premium magnetite product >65% Fe
Macarthur has re-evaluated both the hematite and magnetite projects in response to current market trends of heavy discounting of low-grade iron ore and premium pricing for high grade iron ore. Additionally, Macarthur has been preparing to take advantage of the cessation of operations by Cleveland Cliffs Inc., which has paved the way for access to both rail and port infrastructure. This has been the greatest impediment to advancing the Projects into a production phase.
Mr Andrew Hawker, a member of the Australian Institute of Geoscientists, is a full-time employee of Hawker Geological Services Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Hawker has reviewed and approved the technical information contained in the Macarthur news release.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has a lithium project in Nevada, USA.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6946082994529972&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented:“Cameron McCall and his team have provided a timely re-evaluation of Moonshine and Ularring projects. As well as a reduction in Opex and Capex estimates, the Macarthur investment case has also been strengthened by the access to rail and port infrastructure following cessation of operations by Cleveland Cliffs. We look forward to the next phase of developments.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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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.
About Cadence Minerals:
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achievinghigh rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to keymarketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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-lookingstatements.
Cadence Minerals #KDNC – Macarthur Minerals subsidiary adds Mt Manning Iron Ore Project to Adjacent Ularring Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Macarthur Minerals Limited (TSX-V: MMS) has announced that through its wholly owned subsidiary, Esperance Iron Ore Export Company Pty Ltd, it has added potential high grade hematite Mt Manning Iron Ore Project to the Company’s adjacent Ularring Hematite Iron Ore Project. The Mt Manning Iron Ore Project and the Ularring Hematite Iron Ore Project are proximate to USA-based Cleveland Cliffs (“Cliffs”) Asia Pacific’s Iron Ore Operations at Southern Cross in Western Australia.
Cadence has a 15.2% equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has the lithium project in Nevada, USA referred to above.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8329900610053721&qm_symbol=MMS
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “Macarthur has been seeking to add the Mt Manning Iron Ore Project to its portfolio for some time and we are pleased it has now done so.”
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce James Sinclair-Ford |
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Beaufort Securities (Joint Broker) Jon Belliss |
+44 (0) 207 382 8408
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
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Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
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.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments
Cadence Minerals (KDNC) says Macarthur Minerals is in discussions to move its iron ore projects forward
Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals in which Cadence currently owns a 20.2% shareholding has announced it is in discussions with parties for options for moving the Company’s iron ore projects forward. The Company has also extended closing for Tranche 2 of the non-brokered private placement.
The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=7007817662322513&qm_symbol=MMS
Iron Ore Projects
The Company owns two iron ore projects; the Ularring Hematite Project and the Moonshine Magnetite Project. These projects are co-located on contiguous granted Mining Leases in the Yilgarn Region of Western Australia. The region is a well-established mining district with two existing iron ore producers, one being a global producer. The region is well serviced with infrastructure including iron ore export facilities at the Port of Esperance.
The Company has previously expended approximately $61 million in exploration, metallurgical test-work, mining studies and environmental surveys on its Iron Ore Projects.
The Ularring Hematite Project’s Mineral Resources are comprised of Indicated Mineral Resources of approximately 54.5 Mt @ 47.2% Fe and approximately 26Mt @ 45.4% Fe Inferred resources. The Mineral Resource estimates were prepared by CSA Global on behalf of Macarthur Minerals (N143-101 Technical Report, 2012) and reported in accordance with the JORC Code.
The Company has received approval to develop an iron ore mine for the Ularring Hematite Project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999.
The Inferred Mineral Resource estimate for the Moonshine Magnetite Project was initially prepared by CSA Global Pty Ltd (NI 43-101 Technical Report, 2009) and was updated by Snowden Mining Industry Consultants in 2011 (NI 43-101 Technical Report, 2011). The Moonshine Magnetite Project has an Inferred Mineral Resource consisting of approximately 1,316 Mt @ 30.1% Fe.
A Preliminary Assessment Report was prepared on the Moonshine Magnetite Project by Snowden Mining Industry Consultants in 2011.
Private Placement
The Company has extended closing for Tranche 2 of the non-brokered private placement as previously announced on July 7, 2017 and expects to complete the Offering as soon as possible. To date, Macarthur Minerals has issued 1,705,690 units and 830,110 shares for a total of $135,091 under Tranche 2 of the Offering.
Each Unit is comprised of one common share in the capital of the Company and one whole warrant to acquire a common share at an exercise price of $0.06 per common share exercisable until February 16, 2018.
The net proceeds from the Offering will be used for working capital purposes. All securities issued under the Offering, including the common shares underlying the warrants, are subject to a statutory 4 month hold period from the date of issue.
Closing of the Offering is subject to final approval from the TSX Venture Exchange.
Macarthur Minerals currently has 185,744,555 common shares and 36,613,473 warrants issued and outstanding. In the past 12 months, a total of approximately 163 million of Macarthur Minerals’ shares were traded.
Qualified Person:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in thisannouncement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance).
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For further information please contact |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.