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RNS Number : 5783X

Avanti Communications Group Plc

09 May 2016

 

AVANTI COMMUNICATIONS GROUP PLC

EE Contract Win

 

Avanti Communications Group plc ("Avanti" or "the Group"), a leading provider of satellite data communications services in Europe, the Middle East and Africa, announces that it has won a contract to supply EE Limited with satellite capacity for cellular backhaul.

 

Avanti will connect a number of cellular sites across the UK to EE's network using the HYLAS 1 and 2 satellites, to provide communications in remote areas and additional network resilience.

 

The first phase of this multiyear contract has an initial value of $29m, plus options to double the capacity.

 

David Williams, Chief Executive Officer of Avanti, said: "We have designed the HYLAS satellite fleet to offer the highest levels of network quality and flexibility, beyond the levels that have been previously available via satellite. This contract win demonstrates those qualities and affirms our ability to deliver at the highest level".

 

Mansoor Hanif,  Director of Radio Access Networks at EE, said: "We are delivering a highly resilient, truly nationwide 4G network and Avanti will play a key part in providing resilience and extending this network into rural areas."

 

 

 

For further information please contact:

Avanti: Matthew Springett, +44 (0)207 749 6703

Montfort: Nick Miles / James Olley, +44 (0)203 770 7909

Redleaf: Hannah Nicolas, +44 (0)207 382 4734

Cenkos Securities: Max Hartley (Nomad) / Julian Morse, +44 (0)207 397 8900

 

 

 

 

Notes to editors

 

About Avanti Communications

Avanti connects people wherever they are – in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and more than 180 partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population. Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek.

 

Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and Ka-band spectrum in perpetuity that covers an end market of over 1.7bn people.

 

The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.

 

Avanti has a unique Cloud based customer interface that is protected by patented technology.

 

The Group has three satellites in orbit and a further two fully funded satellites under construction.

 

Avanti Communications is listed in London on AIM (AVN:LSE).

 

www.avantiplc.com

 

About EE

EE, part of the BT Group, is the largest and most advanced digital communications company in Britain, delivering mobile and fixed communications services.

 

EE has approximately 553 retail stores, and services more than 31 million connections across its mobile, fixed and wholesale networks.

This information is provided by RNS

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RNS Number : 4322X

BMR Group PLC

06 May 2016

 

BMR Group PLC

("BMR" and the "Company")

Confirmation of ZEMA approval

BMR Group PLC, the Zambian-focused mineral processing business is delighted to announce that on 5 May 2016 it received confirmation from the Zambia Environmental Management Agency (ZEMA), that its Environmental Social Impact Assessment, in respect of its tailings retreatment process and the construction of its planned Pilot and Main Treatment Plants in Kabwe, which was submitted in December 2015, has been approved.

The terms of ZEMA's approval include conditions typical in such projects, including the requirement for BMR to conduct air modelling and hydro-geological studies and to install pollution abatement equipment prior to commencing operations, and to submit bi-annual results of its monitoring programme to ZEMA, as well as to ensure continuous vegetation of new tailings.

The Company has continued to refine its plans for the Pilot Plant with the process and engineering design work for its construction already being at an advanced stage.  The Company is currently focused on assessing the appropriate levels of both capital expenditure and operating expenditure that are necessary for the construction and subsequent commercialisation of the Pilot Plant.  The costings will now include provision for a Solvent Extraction plant designed to enhance the quality of the products that will therefore augment their end value.

A further announcement will be made later this month regarding the costings, following a peer review, and the timing of the construction of the Pilot Plant, in light of the ZEMA approval.

Alex Borrelli, CEO and Chairman, commented:

"We are very pleased to have received the approval from ZEMA for the Pilot Plant. We believe that this major milestone underpins the value of the Company's assets at Kabwe and is a significant step-forward in the development of a major, cash-generative business. We are also grateful to our shareholders for their patience over the recent period, while we have been working diligently behind the scenes to achieve this result.

"This approval clears the way for the BMR management team to proceed with our plans to build and start operating the Pilot Plant as soon as practicable. In the immediate future, we will finalise the plant costings and construction schedule and update shareholders accordingly."

Ends

 

For further information:

BMR Group PLC 020 7734 7282

Alex Borrelli, CEO and Chairman

WH Ireland Limited 020 7220 1666

NOMAD and joint broker

Chris Fielding, Head of Corporate Finance

 

Peterhouse Corporate Finance 020 7469 0930

 

Joint Broker  

                                             

Lucy Williams/Duncan Vasey/Heena Karani

 

 

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RNS Number : 1197X

Sprue Aegis plc

04 May 2016

 

4 May 2016

Sprue Aegis plc

("Sprue", the "Company" or the "Group")

 

Product Testing Completed

 

Sprue (AIM: SPRP), one of Europe's leading home safety products suppliers, announces that it has been notified that the Company has completed the final key testing milestone of its new European product variants. In accordance with the standard process, receipt of formal paperwork and certification documentation will follow which will allow full scale manufacturing production to commence.

 

 

– Ends –

For further information, please contact:

Sprue Aegis plc                                                 0247 771 7700

Graham Whitworth, Executive Chairman

Neil Smith, Group Chief Executive

John Gahan, Group Finance Director     

              

Stockdale Securities                                        020 7601 6100

Tom Griffiths   

 

Notes to Editors

About Sprue Aegis plc

Sprue's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible.

Sprue is one of the market leaders in the European home safety products market.  Its principal products are smoke alarms and CO alarms and accessories and the Group has an extensive portfolio of patented intellectual property. Sprue has patented its technology in Europe, the US and other selected territories. 

The introduction of new technologically advanced products and new safety products legislation in the UK and in Europe, and increasing levels of awareness of the dangers of smoke and CO, continue to drive sales.

Sprue manufactures CO sensors at its subsidiary, Pace Sensors for use in its CO alarms.  All other manufacturing and product assembly is outsourced to two principal third party contract manufacturers in China, one of which is Jarden Corporation which owns 23.6% of the Group and Pace Technology which is independent from Jarden Corporation.

Sprue enjoys a leading sales footprint in UK Retail and the UK's Fire & Rescue Services.  The Group also supplies the UK's Utility and Leisure sector which includes customers such as British Gas and Scottish Gas and has a well-established but relatively low market share of the UK Trade sector.   Sprue has a rapidly growing business in Continental Europe mainly selling through a network of independently owned third party distributors

The Group has won a number of prestigious Sunday Times Virgin Fast Track 100 Awards, which recognises the 100 fastest growing companies in the UK.  Sprue's head office is in Coventry and it has a second office in Gloucester.   Warehousing is located in Cambridge and Gloucester

Sprue's range of products is comprehensive, allowing the Group to tailor the range of smoke alarms, CO alarms and accessories to suit its customer needs at various price points under the following brands:

Ø FireAngel.  A market-leading and innovative battery operated alarm principally targeted at UK Retail and UK F&RS

Ø AngelEye.  Launched in 2012, Sprue sells smoke alarms and CO detectors principally into the French market under the AngelEye brand and to Sainsburys in the UK.  AngelEye has become a leading brand targeted at the DIY channel in France

Ø SONA.  A new, low power mains powered range of smoke and heat alarm products plus CO detection that are market leading and which can be wirelessly interconnected with up to 50 products on a single network

Ø FireAngel Pro.  Mains-powered smoke alarm with a 10 year, sealed for life lithium battery back-up.  Modern design, quick fitting, tamper-proof mounting plate which locks the alarm head securely in place.  Mounting plate has wide, easily accessible connection to the mains feed. Cable knock-out allows for compatibility with YT2 cable trunking

Ø Pace Sensors.  CO sensors used within Sprue's CO products are developed by Sprue and Pace Sensors, Sprue's wholly owned subsidiary in Canada. Pace Sensors' CO sensors are used within all FireAngel, AngelEye and Pace Sensors CO detectors and certain First Alert branded CO detectors

Sprue has the exclusive rights to distribute the products and brands of BRK Brands Europe Limited (a subsidiary of Jarden Corporation) in Europe namely, First Alert, BRK and Dicon.  First Alert is one of the leading safety products brands in North America.

For further product information, please visit:  www.sprue.com.

 

 

 

This information is provided by RNS

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RNS Number : 8920W

Trakm8 Holdings PLC

03 May 2016

 

TRAKM8 HOLDINGS PLC

 

("Trakm8" or the "Group")

 

ScottishPower Awards Trakm8 Telematics Contract

 

 

Trakm8, the AIM quoted telematics and data provider to the global market place, is pleased to announce it has been awarded an initial four year contract by ScottishPower to supply Fleet tracking and driver behavior solutions for 1,608 vehicles.

 

ScottishPower is part of the Iberdrola Group and is one of the UK's leading utility companies, working often in extreme weather conditions. Telematics are expected to play a significant part in improving operational efficiency and management of the technical fleet.

 

Trakm8 will provide hardware and data services based on the very latest T10 and Light bar hardware and Trakm8's innovative risk and vehicle service data analysis tools. The vehicle hardware installation will take place during H1 of 2016.

 

 

John Watkins, Executive Chairman of Trakm8 commented: 

"We are delighted to have ScottishPower as a customer for Trakm8's commercial vehicle fleet telematics solutions. We have been providing telematics to major fleets for many years but this is the first major customer for our full function T10 product and Swift 6 driver profiling. This contract provides additional visibility for our expectations for the current financial year."

 

John Moore, Vehicle Maintenance Manager of ScottishPower commented: 

"We undertook a rigorous supplier selection process and are pleased to have selected, what we believe, to be the best value telematics solution for ScottishPower."

 

 

-ends-

 

For further information please contact:

 

Trakm8 Holdings plc	+44 (0) 174 785 8444
John Watkins, Executive Chairman
James Hedges, Finance Director
finnCap (Nomad and broker)	+44 (0) 20 7220 0500
Ed Frisby / Simon Hicks – corporate finance
Joanna Scott – corporate broking
MHP Communications	+44 (0) 20 3128 8100
Reg Hoare
Jade Neal

 

 

About Trakm8

Trakm8 is a UK based Big Data company utilising telematics as its primary enabler. Through IP owned technology, over two billion miles worth of data is collected annually through its fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.

 

With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.

 

The Group's portfolio offers complete telematics solutions, which since the acquisition of the business and assets of DCS Systems, includes dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.

 

Recently, the Group acquired Route Monkey, significantly enhancing the Group's logistics solution which offers both route scheduling and optimisation, including routing for electric vehicles.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

 

www.trakm8.com / @Trakm8

 

About Scottish Power

ScottishPower is part of the Iberdrola Group, a global energy company and world leader in wind energy with operations focused in the UK, US, Brazil, Mexico and Spain. ScottishPower operates in the United Kingdom through the following business companies: Scottish Power Generation Holdings Ltd (SPGHL), Scottish Power Energy Networks Holdings Ltd (SPENHL) and ScottishPower Renewable Energy Ltd (SPREL).

 

Our Generation business produces circa 26k GWh of electricity p.a. our Transmission and Distribution business owns and operates our transmission and distribution network with around 3.3 million customers whilst our Retail business supplies gas and electricity to around 5.7 million customers.

 

Business Services Fleet is responsible for the procurement, maintenance, repair and disposal of all vehicle requirements for ScottishPower. It is the fleet area's responsibility to ensure the ScottishPower fleet remains compliant in relation to vehicle legal requirement and Operator License responsibility.

This information is provided by RNS

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Neville Registrars is delighted to welcome Belgravium Technologies Plc as the newest addtion to its list of client companies.

Belgravium Technologies Plc is a market leader in enterprise mobile computing solutions with a Global base of over 500,000 installations.

Further information can be found on the Company's website: http://www.belgravium-technologies.com/

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RNS Number : 7281W

Proton Power Systems PLC

29 April 2016

29 April 2016

 

Proton Power Systems plc

 

("Proton" or the "Company")

 

 

Order for fuel cell emergency power supply systems
in outdoor cabinets

 

Proton Power Systems plc (AIM: PPS), a Clean Tech total power solution provider, uniquely the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, is pleased to announce, that it has received from a blue chip German customer a significant order for Fuel Cell Emergency Power Units. The total order value is €1.8 million for a number of systems which are all expected to be delivered and installed during 2016. Further orders from this customer for similar applications are expected in 2017 and the following years.

 

The power range of the units to be delivered to this customer varies from 6 to 8kVA and the units will be contained in outdoor cabinets including hydrogen storage, fuel cells, UPS (Uninterruptible Power Supply) and auxiliary components. These units provide a complete solution based on hydrogen fuel cell technology for long backup time, supplying clean energy for critical loads.

 

Faiz Francoise Nahab Ph.D., CEO of Proton, said: "This is a key milestone that will provide year on year revenue streams as commercialization of our core technology is now realized. Our continued investment in our manufacturing capability is now bearing fruits. This is a very important showcase of the company's products as multiple installations with integrated solutions are deployed with this blue chip customer. This order demonstrates our expertise in providing complete solutions with a fuel cell as part of a UPS system with a very long backup time. The combination of fuel cell and UPS technology allows us to design complete solutions also for customers with high power rating requirements. We are confident that our business will see an increase in demand for hydrogen based applications in 2016 and beyond ".

 

– Ends –

 

 

For further information:

Proton Power Systems plc
Dr Faiz Nahab, CEO
Achim Loecher, FD Ian Peden, Chairman	Tel: +49 (0) 89 127 626 550 Tel: +49 (0) 162 101 6470
	www.protonpowersystems.com

 

 

Stockdale Securities Limited Nominated adviser and broker	Tel: +44 (0) 20 7601 6100
Antonio Bossi / David Coaten	www.stockdalesecurities.com

 

 

About Proton Motor

Proton Motor is an expert in industrial fuel cells, fuel cell and hybrid systems with more than 21 years of experience in this sector.  Based in Puchheim near Munich, Proton Motor offers complete fuel cell and hybrid systems from a single source – from the development and production through the implementation of customized solutions.  The focus of Proton Motor is on mobile, marine and stationary solutions and applications.  The product portfolio consists of base-fuel cell systems, standard complete systems, as well as customized systems.

 

Proton Motor acquired and integrated SPower GmbH in 2013. Established in 2007, SPower serves IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East with power supply solutions for DC and AC power demand. In addition to power supply, SPower also offers solutions for Solar Systems as well as a new product line for Solar Energy Storage. With the SPower expertise, Proton Motor can offer complete power supply solutions with fuel cell and all electrical components.

 

Proton Motor Fuel Cells GmbH is wholly owned subsidiary of Proton Power Systems plc.  The Company has been listed on the London Stock Exchange since October 2006 (code: PPS).

 

 

 

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RNS Number : 4184W

First Derivatives PLC

27 April 2016

 

First Derivatives plc

("FD" or the "Group")

 

Strategic Partnership with Thomson Reuters for Streaming Analytics

 

FD (AIM: FDP.L, ESM: FDP.I) announces a strategic partnership for the use of its Kx technology with Thomson Reuters to power the latest version of their financial Data as a Service platform, Velocity Analytics. The agreement follows a comprehensive review of real-time and in-memory technologies by Thomson Reuters.   

 

Velocity Analytics combines real-time and reference data with Thomson Reuters' deep tick history database to provide clients with market data for use by quantitative analysts, traders and compliance departments across the financial services industry. It provides both pre-built and custom analytics on enriched market data from more than 70 exchange, broker and vendor data sources. This enables clients to create their own data repository for analytics, compliance and other use cases.

 

A growing pipeline of buy-side and sell-side firms are currently evaluating the service, with several strategic customers engaged in an early adoption programme. The service will be delivered from the world's largest private financial markets Cloud network, Thomson Reuters Elektron.

 

Mike Powell, managing director for enterprise capabilities, Financial & Risk, at Thomson Reuters, commented: "Given Thomson Reuters' global customer footprint and the demand across the industry for streaming analytics and market insight driven by increasingly quantitative trading strategies and regulatory reporting requirements, demand should be strong for this solution. We are pleased to be working with FD to power Velocity Analytics using Kx technology."

 

Brian Conlon, Chief Executive Officer of FD, commented: "FD is pleased to partner with Thomson Reuters, using the ability of our Kx technology to enable real-time analytics on very large datasets to power the Velocity Analytics service. This agreement significantly increases our channel to market and the service will be rapidly deployed to customers through Thomson Reuters Elektron, which will accelerate our growth in this market."

 

 

Enquiries

For further information please contact:

First Derivatives plc Brian Conlon, Chief Executive Officer Graham Ferguson, Chief Financial Officer Ian Mitchell, Head of Investor Relations	+44(0)28 3025 2242 www.firstderivatives.com
Investec Bank plc (Nominated Adviser and Broker) Dominic Emery Carlton Nelson Sebastian Lawrence	+44 (0)20 7597 4000
Goodbody (ESM Adviser and Broker) Linda Hickey Finbarr Griffin	+353 1 667 0420
Walbrook PR Paul Cornelius / Nick Rome / Helen Cresswell / Sam Allen	+44 (0)20 7933 8780

 

About FD

FD is a global technology provider with 20 years of experience. The Group's Kx technology is used by some of the world's largest finance, technology and energy institutions. FD employs over 1,500 people worldwide and has operations in London, New York, Stockholm, Singapore, Hong Kong, Tokyo, Sydney, Palo Alto, Toronto, Philadelphia, Dublin, Belfast and its headquarters in Newry.

 

For further information, please visit www.firstderivatives.com

 

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RNS Number : 3121W

Nasstar PLC

26 April 2016

 

The Quest for Microsoft Gold: Nasstar PLC Announces Their Microsoft Gold Certification

 

LONDON, UNITED KINGDOM–(Marketwired – April 26, 2016) – Nasstar PLC (LSE: NASA) today announced that they had achieved the coveted Microsoft Gold Hosting Partner certification for their datacenter hosting operations.

 

Nasstar PLC is now an accredited Microsoft Gold Hosting Partner, certified by Microsoft and able to deliver solutions that meet Microsoft's stringent demands within its field of expertise. 

 

The Microsoft Gold Hosting Partner accreditation certifies that Nasstar PLC has an in-depth and highly qualified technical resource, a proven track record in delivery and strict procedures and guidelines that are adhered to in each and every hosted solution provided.

 

Nasstar CEO Nigel Redwood said today, "Achieving our Microsoft Gold Hosting Certification was an important milestone for Nasstar and our technical team, senior management and board of directors are all justifiably proud of this fantastic achievement."

 

Nasstar Head of Infrastructure Shannon Johnston said today, "The certification process is incredibly hard and rightly so, it encompasses customer references, employee certifications, SPLA revenues, technical certification, multiple accreditations and a solid track record."

 

Nasstar plans to tell the story of their journey through the Microsoft Gold Hosting Partner accreditation process by hosting a webinar entitled The Quest for Microsoft Gold.

 

The live webinar will be held on Weds May 18 at 11:00 AM BST (London).

 

To attend the webinar, please register using this link: http://bit.ly/MicrosoftGold

 

ABOUT NASSTAR PLC: Nasstar PLC is a managed IT services provider to the recruitment, legal, financial, logistics and government sectors. Nasstar provides fully managed and fully hosted IT services from their ISO27001 security standard certified datacenters, encompassing hosted desktops/applications and managed networks.

 

Nasstar PLC is listed on the London Stock Exchange under the ticker symbol NASA.

 

Nasstar PLC, Datapoint House, Telford, TF1 7UL, United Kingdom | 01952 225 000 
Website: www.nasstar.com   INFORMATION

 

Nasstar PLC
Lydia Cooper
lydia.cooper@e-know.net
www.nasstar.com

 

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RNS Number : 2857W

Midatech Pharma PLC

26 April 2016

Midatech Pharma PLC

("Midatech" or the "Company")

 

Midatech Pharma announces positive pharmacokinetic data with Q-Octreotide

 

~ Release profile of Midatech's Q-Octreotide compared favourably with the reference product and current market leader ~

 

Midatech Pharma (AIM: MTPH; Nasdaq: MTP), the international specialty pharmaceutical company focused on commercialising and developing products in oncology and other therapeutic areas, today announces positive pharmacokinetic data with its Q-Octreotide programme (MTD201) for the treatment of acromegaly and carcinoid syndrome. The pilot preclinical study confirmed the systemic release profile of Midatech's Q-Octreotide compared favourably with the reference Octreotide product and current market leader, Sandostatin® LAR Depot (Novartis).

 

Commenting on the announcement, Dr. Jim Phillips, Chief Executive Officer of Midatech Pharma, said: "Q-Octreotide is one of the most advanced of our in-house cancer treatments. Whilst preparing the programme for clinical development, the existing use of Octreotide gives us confidence that this programme can be progressed quickly. We look forward to continuing to develop our internal pipeline of cancer therapies with Q-Octreotide near the front. Furthermore we are delighted now to be progressing with the investment in commercial scale up of production in our Bilbao facility in Spain, which will enable Q-Octreotide and other projects to be manufactured in-house, enabling us to capture more of the integrated value chain."

 

MTD201, a sustained release version of Octreotide, is used to treat the incapacitating symptoms of metastatic carcinoid tumours, where it suppresses or inhibits the severe diarrhoea and flushing episodes associated with the disease, and to normalise the over-production of growth hormone in people suffering acromegaly who have had inadequate response to other therapies. Midatech plans on submitting its investigational new drug application (IND) to the U.S. Food and Drug Administration (FDA) and begin bio-equivalence studies in late 2016.

 

Q-Octreotide is a wholly-owned asset of Midatech Pharma and will continue to be developed in-house. Subject to regulatory approval, Midatech expects to commercialize Q-Octreotide in the United States through its Midatech Pharma U.S. subsidiary. 

 

– ENDS –

 

For more information, please contact:

 

Midatech Pharma PLC

Jim Phillips, CEO

Tel: +44 (0)1235 841575

www.midatechpharma.com

 

Panmure Gordon (UK) Limited (Nominated Adviser and Broker)

Corporate Finance

Freddy Crossley / Atholl Tweedie / Duncan Monteith

Corporate Broking

Tom Salvesen

Tel: +44 (0)20 7886 2500

 

RBC Europe Limited (Joint Broker)

Darrell Uden / Paul Tomasic / Rupert Walford / Thomas Stockman

Tel: +44 (0)207 653 4000

 

Consilium Strategic Communications (Financial PR)

Mary Jane Elliott / Ivar Milligan / Matthew Neal / Hendrik Thys

Tel: +44 (0)20 3709 5700

Email: midatech@consilium-comms.com

 

Westwicke Partners (US Investor Relations)

Chris Brinzey

Tel: +1 339 970 2843

Email: chris.brinzey@westwicke.com

 

Notes for Editors

 

About Midatech Pharma PLC

Midatech is an international specialty pharmaceutical company focused on oncology and other therapeutic areas with a commercial platform and four marketed products in the US. Midatech's strategy is to develop products in-house in oncology and with partners in other indications, and to accelerate growth organically and through strategic acquisitions. The Company's R&D activities are supported by two breakthrough drug delivery technologies. The Group, listed on AIM: MTPH and Nasdaq: MTP, employs c.100 staff in four countries. For further company information see: www.midatechpharma.com

 

Forward Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom and/or United States. Such forward-looking statements include, but are not limited to, statements regarding the anticipated benefits of Q-Octreotide, preclinical results, the filing and timing of an IND with respect to Q-Octreotide and the receipt of any regulatory approvals, commercialization plans and other statements that are not historical fact. Any forward-looking statements are based on currently available data together with management's views and assumptions regarding future events and performance as of the time the statements are made and are subject to risks and uncertainties. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to, operational challenges in achieving our strategic objectives and executing plans.

 

Reference should be made to those documents that Midatech shall file from time to time or announcements that may be made by Midatech in accordance with the London Stock Exchange AIM Rules for Companies ("AIM Rules"), the Disclosure and Transparency Rules ("DTRs") and the rules and regulations promulgated by the US Securities and Exchange Commission ("SEC"), which contains and identifies other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking statements by or concerning Midatech are expressly qualified in their entirety by the cautionary statements above. Except as may be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, Midatech does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise arising.

 

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RNS Number : 9542V

Galileo Resources PLC

21 April 2016

 

For immediate release: 14.00

 

21 April 2016

Galileo Resources Plc

("Galileo" or "the Company")

 

 

GALILEO EXECUTES EXCLUSIVE AGREEMENT FOR FARM-OUT OF THE COMPANY'S SILVERTON GOLD PROPERTY IN NEVADA USA

 

Galileo is pleased to announce that it has executed a binding and exclusive term sheet  ("Exclusive Agreement") with Orogen Gold plc, ("Orogen"), pursuant to which Orogen will have the right to earn-in a 51% interest in the Company's Silverton Gold Silver property ("Silverton" or the "Property") in Nevada, USA, by way of exploration expenditure of US$400,000 (the "First Expenditure") within 18 months on the Property and thereafter the possibility to spend an additional US$1,500,000 (the "Second Expenditure") within 30 months to earn-in a further 24% interest in the Property (the "Farm-out").

 

The Company will have the right to participate pro rata after the First Expenditure; should it exercise this right it would retain a 49% equity interest in Silverton (as opposed to being diluted down to 25%). The Exclusive Agreement is subject to due diligence, which is anticipated to be completed, within 45 days of signing, including formalisation of the Exclusive Agreement.

 

Shareholders are advised that Colin Bird is an executive director of both Galileo and Orogen, in which he holds respectively 24.81% and 1.82% of their issued ordinary share capital. In accordance with the requirements of Sections 171 to 177 of the Companies Act 2006, he has abstained from negotiations and the decision making process of the Galileo Board in regard to the Farm-Out and will continue to do so in order to manage any future potential for a conflict of interest in the Property. 

 

Highlights

 

·     Galileo has granted Orogen the right to earn an initial 51% interest in the Silverton project over the 6km² claim area through exploration spend of US$400,000 over 18 months

·     Orogen may earn an additional 24% interest in the project through a further exploration spend of US$1.5 million over a subsequent 30 month period

·     Previous bedrock and drill sampling outlined an area >0.5g/t Au measuring 1km x 0.5km

·     Farm-out allows for outside investment into Silverton and is in line with Galileo's strategy of focusing its available resources on its South African copper projects

·     Assay intervals reported by Newcrest (2003) up to 7.62m@ 2.29g/t Au and 10.67m @ 1.0g/t, including 1.52m @ 5.01g/t Au (non-Code compliant)

·     Historic silver and gold production from district

·     Shear Zone target never drill tested for gold-silver mineralisation; adjacent short holes returned assays up to 1.71g/t Au, 604g/t Ag over 1.52m intervals within wider intervals of lower grades

·     This proposed transaction allows Galileo to continue with its key focus on copper

 

Andrew Sarosi, an executive director of Galileo, has advised the board's non-executive directors and commented: "We are pleased to have entered into this Exclusive Agreement with Orogen, which will allow for an outside party to fund the exploration of Silverton, in particular focusing on a highly anomalous gold shear zone, on which limited vertical drilling (reverse circulation) has been previously carried out, whilst allowing Galileo to retain upside through its residual equity interest.

 

We intend to focus our resources on copper exploration, for which in March 2016, the Company raised funds primarily for its Concordia copper project in South Africa. This proposed transaction enables Galileo to retain an interest in Silverton, while focussing on its copper mission.  Orogen has confirmed to Galileo that it has sufficient funds in place to commence work on the Property."

The Property  

The Property is located northeast of Tonopah in the central Pancake Range. The Silverton claim block comprises 72 lode claims staked by Newcrest in March 2002. 

 

Small-scale mining operated in the area from 1930 to 1937 and in 1953.  Total production for the district is <100,000 oz. silver, <2,000 oz. gold and <1 ton of antimony.  Over the last three decades multiple companies including Olympic Mining, Westgold, Newmont and Pittston have explored the property for gold and silver.  Work completed comprised geochemical sampling, fluid inclusion studies, mapping, geophysics and drilling (~45 pre-Newcrest holes). 

 

Since 2002 Newcrest has taken over 1,000 rock chip samples and drilled 42,983 ft in 29 RC (reverse circulation) drill holes.

 

Geology/Mineralization

 

The Silverton district occurs at the eastern margin of a caldera complex dated at 34Ma.  Both high and low angle faults and fault breccias related to caldera rim tectonics are observed on the property.  Rocks consist of Palaeozoic dolomite/limestone detachment blocks surrounded and underlain by Tertiary rhyolite tuffs.  Rhyolite dikes have also been mapped along caldera ring fractures and north trending faults. 

Tuffs around the Palaeozoic rocks are locally bleached and argillized (kaolinite – clay).  Both units are silicified along faults, generally as jasperoid bodies up to 30 ft. wide.  Jasperoid also forms flat-lying replacement horizons within volcanic beds.  Additional silicification includes, stockwork silica veining and chalcedony +- stibnite-pyrite veins.  One to two percent disseminated pyrite and minor stibnite occurs in tuffaceous rocks over a 4mi2 area.  Other mineralization includes barite, gypsum, and alunite.  Ore-grade gold values are generally associated with veins, strongly veined limestone, and argillized tuff along mineralized structures and adjacent to jasperoid.  Most jasperoid bodies themselves contain only low-level gold. 

The property contains a >100ppb Au rock chip anomaly measuring 2.5km x 3km.  Au, Ag, As, and Hg mineralization are broadly coincident.  Within the anomaly, the most significant of three main zones is a NNE trending area (Silverton Shear) >0.5g/t Au measuring 1km x 0.5km and centered on a 100m wide silicified contact between rhyolite to the east and carbonate rocks to the west.  

Old vertical drilling on the southern end of the Silverton Shear returned several intervals of 5ft @ 1-5g/t Au and 100-600g/t Ag.  The best Newcrest intercept is 25 feet @ 2.3g/t Au in rhyolite tuff.

Geophysics

Resistivity and ground magnetic surveys were completed in 1998 and 1999.  Regional aeromagnetics also covered the Property. 

Metallurgy

No metallurgical testing has been done on rocks from the Silverton district and potential recoveries are unknown.  However, gold occurrence could be fine grained, micron sized, as none is observed in pan concentrates.

Exploration Potential

The geologic environment is similar to disseminated and bonanza epithermal gold mineralisation at the Round Mountain mine Nevada. The Silverton property and area of volcanic rocks to the west are prospective for exposed and concealed oxide and sulphide tuff- and intrusion -hosted disseminated and associated and/or carbonate-hosted bonanza style epithermal gold mineralisation. In the relatively untested area along the 1 km Silverton shear zone, with a 0.1-1.5g/t Au anomaly at surface, the potential exists for bonanza gold silver 'feeder' veins. In addition, low-grade bulk tonnage disseminated gold can also occur in the rhyolite porphyry intrusions, similar to e.g. Kori Kollo in Bolivia.

 

Additional information on Silverton

Galileo's accounts do not include a specific carrying cost for the Property, which was acquired as part of the acquisition of the unlisted St Vincent Minerals Inc. (SVM) and whose accounts did not include a separate carrying cost for the Property. The only costs associated with the Property and incurred to date by Galileo are the annual Bureau of Land Management and County fees, which amount to approximately US$11,900.  

 

Related Party Transaction

 

Given Colin Bird's position as CEO of both Galileo and Orogen and his shareholdings of 24.81% and 1.82% respectively, the Farm-Out is a related party transaction under the AIM Rules. Accordingly, Mr Sarosi, Galileo's executive director, and its non-executive directors, having liaised with the Company's Nominated Adviser, consider that the terms of the Farm-Out are fair and reasonable in so far as its shareholders are concerned.

 

 

Technical Sign-Off

Andrew Sarosi, Executive Director of Galileo, holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand, is a member of The Institute of Materials, Minerals and Mining and is 'qualified person' as defined under the AIM Rules for Companies and a competent person under the reporting standards. He has approved the release of this announcement.

For further information, please contact:

Further details are available from the Company's website, including its Glenover rare earth and phosphate project, its Nevada gold-copper properties in the USA, as well as a copy of this announcement:
www.galileoresources.com

 

You can also follow Galileo on Twitter: @GalileoResource

 

For further information, please contact:

 

Andrew Sarosi, Executive Director	Tel +44 (0) 1752 221937 /020 7584 2155
Beaumont Cornish Limited – Nomad Roland Cornish/James Biddle	Tel +44 (0) 20 7628 3396
Beaufort Securities Limited – Broker Jon Belliss	Tel +44 (0) 20 7382 8416

 

Technical Glossary

Au                          Gold

Ag                           Silver

As                           Arsenic

Breccia                 a rock composed of broken fragments of minerals or rock cemented together by a fine-grained matrix

Caldera                a large volcanic crater, especially one formed by a major eruption leading to the collapse of the mouth of the volcano.

Dike                       a later vertical rock between two layers of older rock

Epithermal         deposition from warm mineralised waters at shallow depth

Hg                           mercury

Jasperoid            rock formed from hydrothermal activity giving rise to Jasper, an opaque, impure variety of silica

Rhyolite               an igneous, volcanic rock, of silica-rich composition

Porphyry             textural term for an igneous rock consisting of large-grained crystals 

Stibnite                antimony sulphide mineral the chief ore of antimony

Tectonics             geologic process, which controls the structure and properties of the Earth's crust, 

Tertiary                a geological period of beginning about 65 million years ago

Tuff                        an igneous rock formed from the products of an explosive volcanic eruption

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

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