Announcement
Cadence Minerals PLC : Update - Yangibana - Hastings Technology Metals
RNS Number : 8248F
Cadence Minerals PLC
17 July 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX:HAS) Confirms No Appeals on EPA Recommendation of Environmental Approval for Proposal to Mine & Process Rare Earths at Yangibana.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) ("Hastings"), Cadence's joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia ("Yangibana Project"), has announced that the Appeals Registrar (WA Office of the Appeals Convenor) has not received any appeals on the EPA Assessment Report, which recommends approval of the Yangibana Project subject to the proposed conditions.
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights:
· The Appeals Registrar (WA Office of the Appeals Convenor) has notified Hastings that they have received no appeals on the EPA's recommendation to approve the Yangibana Project.
· Next step in the approvals process is consultation with the Decision Making Authorities ("DMAs"), i.e. Ministers for Water, Mines and Aboriginal Affairs to obtain their agreement to the implementation of the project in accordance with the proposed conditions.
The DMAs will be provided with the draft conditions (as detailed in the EPA Assessment Report) for their consideration and must then provide their agreement to the implementation of the proposal subject to the draft conditions. The Minister for Environment will then consider the proposal and EPA recommendation.
The Yangibana project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.
The full release can be found at: https://www.asx.com.au/asxpdf/20190717/pdf/446p7m8wcdgm40.pdf
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For further information:
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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 |
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James Sinclair-Ford |
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Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
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Jon Belliss |
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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.
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