Risk warning: The value of investments and derived income can fall. Investors may get back less than they invested.

Georgian Mining – Corporate Update

Georgian Mining Corporation (‘GEO’ or the ‘Company’)
Corporate Update

Georgian Mining Corporation announces that it is in the final stages of negotiation with Caucasian Mining Group, its 50% partner in Georgian Copper & Gold JSC (‘GCG’), in relation to the 2018 exploration and development programme within the 860 sq km licence on the Tethyan Belt in Georgia.

The negiotiations have been expanded over the past weeks to include a comprehensive business plan, work programmes, the strengthening of the board of GCG as well as the framework agreement to develop and exploit the gold oxide production target at Kvemo Bolnisi East.

It is expected that the final agreements will be completed in early 2018 and a detailed announcement will follow.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information please visit www.georgianmining.com or contact:

Greg Kuenzel
Georgian Mining Corporation
Company
Tel: 020 7907 9327
Ewan Leggat
S. P. Angel Corporate Finance LLP
Nomad & Broker
Tel: 020 3470 0470
Soltan Tagiev
S. P. Angel Corporate Finance LLP
Nomad & Broker
Tel: 020 3470 0470
Damon Heath
Shard Capital Partners LLP
Joint Broker
Tel: 0207 186 9950
Frank Buhagiar
St Brides Partners Ltd
PR
Tel: 020 7236 1177
Susie Geliher
St Brides Partners Ltd
PR
Tel: 020 7236 1177

This information is provided by RNS
The company news service from the London Stock Exchange

Horizonte Minerals update

The following amendment replaces the ‘PDMR Dealing’ announcement released on 22 December at 9:15am under RNS No 1934A. Mr Walker’s percentage of voting rights should read 0.04% not 0.4% as previously stated.

Horizonte Minerals Plc
(‘Horizonte’ or ‘the Company’)

PDMR DEALING

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) announces that on 21 December 2017, Allan Walker, Non-Executive Director of the Company, purchased 500,000 ordinary shares (“Ordinary Shares”) at a price 4.80p per Ordinary Share (the “Purchase”). Following the Purchase, Mr. Walker is now interested in 500,000 Ordinary Shares representing 0.04% of the total voting rights of the Company.
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Allan Walker
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Horizonte Minerals plc
b) LEI 213800OEYYR39UNYQY91
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary share of 1p each
Identification code GB00B11DNM70
b) Nature of the transaction Share Purchase
c) Price(s) and volume(s) Price(s) Volume(s)
4.80p 500,000

d) Aggregated information:
· Aggregated volume
· Price
500,000 Ordinary Shares purchased at 4.80p per ordinary share
e) Date of the transaction 21 December 2017
f) Place of the transaction The London Stock Exchange

For further information visit www.horizonteminerals.com or contact:
Horizonte Minerals plc
Jeremy Martin (CEO) / David Hall (Chairman) +44 (0) 20 7763 7157

finnCap Ltd (NOMAD & Joint Broker)
Emily Morris / Christopher Raggett / James Thompson / Anthony Adams +44 (0) 20 7220 0500
Numis (Joint Broker)
John Prior/James Black/Paul Gillam +44 (0)207 260 1000

Shard Capital (Joint Broker)
Damon Heath / Erik Woolgar +44 (0) 20 7186 9952

Tavistock (Financial PR)
Jos Simson / Barney Hayward +44 (0) 207 920 3150
About Horizonte Minerals:
Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajás mineral district of northern Brazil. The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by 2020.
The Project has good infrastructure in place including rail, road, water and power.
Horizonte has a strong shareholder structure including Teck Resources Limited 17.9%, Lombard Odier Asset Management (Europe) Limited 14.11%, Richard Griffiths 14.5%, JP Morgan 8.4%, Hargreave Hale 6.4% and Glencore 6.4%.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company’s current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company’s lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company’s future payment obligations; potential disputes with respect to the Company’s title to, and the area of, its mining concessions; the Company’s dependence on its ability to obtain sufficient financing in the future; the Company’s dependence on its relationships with third parties; the Company’s joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company’s ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company’s plans to continue to develop its operations and new projects; the Company’s dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

This information is provided by RNS
The company news service from the London Stock Exchange

Will 2018 have the spark?

The UK FTSE All Share index closed 2016 12% higher than it began. But with seismic socio-political changes already in play, commentators were quick to cast doubt on the possibility of continued market growth in 2017. With this in mind, we’ve taken a brief look at some of the key events and observations across the year which have shaped the markets and kept our Investment Managers awake at night.

Trump the Teflon President

For all the hype and unpredictability of his campaign, Trump certainly hasn’t turned down the dial since taking office in January. Whilst he struggled to advance much of his legislative agenda through Congress, he has made liberal use of his executive powers, from advancing the Dakota Access and Keystone XL pipelines and approving sweeping rollbacks to business regulation, to withdrawing the US from the Paris Climate Agreement.

He has also enjoyed a period of relatively positive economic news. As of November, unemployment is down to 4.1%, a 17 year low, and the Fed is seemingly managing the fine balance of starting to unravel the QE programme, while exercising restraint on interest rates.

Yet he continues to be a divisive figure. His unprecedented foreign policy approach remains highly controversial, most significantly in the Middle East and Korean peninsula, not to mention a very unconventional relationship with Russia.

How will things fare for Trump in 2018? The FBI investigation into his campaign continues apace with Mueller’s recent moves against Michael Flynn and other campaign staffers. Perhaps it will be his ultimate undoing. Last week’s election of Democrat Doug Jones to the Senate, for the red state of Alabama no less, is an early indication that the public mood might just be shifting. After the 2018 midterms, will he even hold a Congressional majority, or could the Democrats turn the tables and hold up even more of his policy agenda?

But, we know never to write off the Teflon Don’s qualities, having successfully shrugged off several controversies already. And he ends the year on a high after the Senate approved his plans for the most sweeping overhaul of the US tax system in more than thirty years. The markets, whilst wary, seem to have warmed to him.

Brexit rumbles on

By the Summer, the phoney war came to a close as Westminster, and indeed the rest of the UK seemed to suddenly realise that we needed to get a move on defining our exit strategy. “Brexit means Brexit” was Theresa May’s oft quoted battle cry at the time. A catchy soundbite for sure, but it couldn’t long mask the ambiguous reality, and things got worse for May before they got better. The Tories were split, leaving her the unenviable task of negotiating with her own party before she could confidently negotiate with the EU. In a case of keeping your friends close, but your enemies closer, she provided Michael Gove a route one opportunity to resurrect his frontline political career with his June appointment; a move that typified her predicament.

As we end the year though, she could well argue that she has turned the tide. In last week’s EU summit meeting she received a round of applause from her European peers, following her Brexit statement. And the following day the EU confirmed that sufficient progress had been made to move onto the all-important phase 2 trade talks. A strong step forward, but this is no time for self-congratulation and we’re far from out of the woods. 2018 will define the UK’s socio-economic future for the next generation.

Interest rates lifted at last

After much speculation, and talk of when rather than if, November saw UK interest rates raised for the first time in over 10 years. The 25 basis point increase to 0.5% came as a response to “Brexit-related constraints” on investment impacting growth potential in the economy. All indications are that this will be followed by further increases over the next couple of years, illustrating the lack of fiscal/monetary wiggle room at Mark Carney’s disposal.

Why? Inflation began to run increasingly hotter as the year went on, hitting 3.1% in November, driven primarily by the weaker pound. Using a rate rise to douse the flames became a clear priority. And many policymakers, aligned with other central banks, have an eye on starting to unwind the £435bn quantitative easing programme which most agree will require further hikes. Yet some consumers and corporates, already struggling, could find it impossible to absorb further rate rises. Everything is finely balanced, and we have to hope that the proverbial bull doesn’t make a visit to our china shop.

The rise, and rise of Bitcoin

With a price that’s recently climbed down to a staggering $14,000, it seems that Bitcoin has battled through its early teething problems. 2017 really was the year of Bitcoin, shifting from a niche, little understood virtual currency, to headline grabber which has sparked the imagination of the masses. The markets apparently agree and are treating cryptocurrencies as legitimate financial assets. The recent launch of Bitcoin futures added even further credibility and weight to its’ proponents case. Not bad for such a highly volatile investment.

Are we looking at a spectacular bubble though? Critics suggest yes, and that it’ll go the way of the tulip, but whilst we’re seeing a lot of the tell-tale signs, proponents think this is a paradigm shift, and the birth of a new asset class. Perhaps clues lie in how far Bitcoin is being accepted as a form of payment. Currently uptake has not been high, but this could all change in 2018. Either way, we’ll have a clearer picture in the coming months.

What’s in store for 2018?

At the time of writing, the UK FTSE All Share index is sitting at 4,176 points, up over 7% from the start of the year. Not spectacular, but not exactly a let-down under the circumstances. With the Western political establishment taking bodyblows from increasingly populist electorates, and limited by ongoing monetary constraints, it’s still no easier to predict what 2018 will bring.
But as we edge towards the 9th year of the second longest bull run in history, commentators are – as last year – vocal about reaching the end of the track. Doomongers? Perhaps. After all, they were proven wrong in 2017.

Horizonte Minerals PLC – PDMR DEALING – Replacement

The following amendment replaces the ‘PDMR Dealing’ announcement released on 22 December at 9:15am under RNS No 1934A. Mr Walker’s percentage of voting rights should read 0.04% not 0.4% as previously stated.

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) announces that on 21 December 2017, Allan Walker, Non-Executive Director of the Company, purchased 500,000 ordinary shares (“Ordinary Shares”) at a price 4.80p per Ordinary Share (the “Purchase”). Following the Purchase, Mr. Walker is now interested in 500,000 Ordinary Shares representing 0.04% of the total voting rights of the Company.

1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Allan Walker
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Horizonte Minerals plc
b) LEI 213800OEYYR39UNYQY91
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary share of 1p each
Identification code GB00B11DNM70
b) Nature of the transaction Share Purchase
c) Price(s) and volume(s)
Price(s) Volume(s)
4.80p 500,000
d) Aggregated information:

·      Aggregated volume

·      Price

 

500,000 Ordinary Shares purchased at 4.80p per ordinary share

e) Date of the transaction 21 December 2017
f) Place of the transaction The London Stock Exchange

 

For further information visit www.horizonteminerals.com or contact:

Horizonte Minerals plc
Jeremy Martin (CEO) / David Hall (Chairman) +44 (0) 20 7763 7157
finnCap Ltd (NOMAD & Joint Broker)
Emily Morris / Christopher Raggett / James Thompson / Anthony Adams +44 (0) 20 7220 0500
Numis (Joint Broker)
John Prior/James Black/Paul Gillam +44 (0)207 260 1000
Shard Capital  (Joint Broker)
Damon Heath / Erik Woolgar +44 (0) 20 7186 9952
Tavistock (Financial PR)
Jos Simson / Barney Hayward +44 (0) 207 920 3150

About Horizonte Minerals:

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajás mineral district of northern Brazil.  The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by 2020.

The Project has good infrastructure in place including rail, road, water and power.

Horizonte has a strong shareholder structure including Teck Resources Limited 17.9%, Lombard Odier Asset Management (Europe) Limited 14.11%, Richard Griffiths 14.5%, JP Morgan 8.4%, Hargreave Hale 6.4% and Glencore 6.4%.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company’s current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company’s lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company’s future payment obligations; potential disputes with respect to the Company’s title to, and the area of, its mining concessions; the Company’s dependence on its ability to obtain sufficient financing in the future; the Company’s dependence on its relationships with third parties; the Company’s joint ventures; the potential of currency fluctuations and political or economic instability  in countries in which the Company operates; currency exchange fluctuations; the Company’s ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company’s plans to continue to develop its operations and new projects; the Company’s dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

 

This information is provided by RNS

The company news service from the London Stock Exchange

Horizonte Minerals Plc – PDMR DEALING

Horizonte Minerals Plc, announces that on 20 December 2017, William Fisher, Non-Executive Director of the Company, purchased 16,000 ordinary shares of 1p each in the capital of the Company (“Ordinary Shares”) at a price of CAD$0.075 per Ordinary Share (the “Purchase”). Following the Purchase, Mr. Fisher is now interested in 1,036,000 Ordinary Shares representing 0.09% of the total voting rights of the Company.

1. Details of the person discharging managerial responsibilities / person closely associated
a) Name William Fisher
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Horizonte Minerals plc
b) LEI 213800OEYYR39UNYQY91
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary share of 1p each
Identification code GB00B11DNM70
b) Nature of the transaction Share Purchase
c) Price(s) and volume(s)
Price(s) Volume(s)
C$0.075 16,000
d) Aggregated information:

·      Aggregated volume

·      Price

 

16,000 Ordinary Shares purchased at CAD$0.075 per ordinary share

e) Date of the transaction 20 December 2017
f) Place of the transaction Toronto Stock Exchange

 

For further information visit www.horizonteminerals.com or contact:

Horizonte Minerals plc
Jeremy Martin (CEO) / David Hall (Chairman) +44 (0) 20 7763 7157
finnCap Ltd (NOMAD & Joint Broker)
Emily Morris / Christopher Raggett / James Thompson / Anthony Adams +44 (0) 20 7220 0500
Numis (Joint Broker)
John Prior/James Black/Paul Gillam +44 (0)207 260 1000
Shard Capital  (Joint Broker)
Damon Heath / Erik Woolgar +44 (0) 20 7186 9952
Tavistock (Financial PR)
Jos Simson / Barney Hayward +44 (0) 207 920 3150

About Horizonte Minerals:

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajás mineral district of northern Brazil.  The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by 2020.

The Project has good infrastructure in place including rail, road, water and power.

Horizonte has a strong shareholder structure including Teck Resources Limited 17.9%, Lombard Odier Asset Management (Europe) Limited 14.11%, Richard Griffiths 14.5%, JP Morgan 8.4%, Hargreave Hale 6.4% and Glencore 6.4%.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company’s current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company’s lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company’s future payment obligations; potential disputes with respect to the Company’s title to, and the area of, its mining concessions; the Company’s dependence on its ability to obtain sufficient financing in the future; the Company’s dependence on its relationships with third parties; the Company’s joint ventures; the potential of currency fluctuations and political or economic instability  in countries in which the Company operates; currency exchange fluctuations; the Company’s ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company’s plans to continue to develop its operations and new projects; the Company’s dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

 

This information is provided by RNS

The company news service from the London Stock Exchange

Erris Resources Plc – First Day of Dealings on AIM

Erris Resources Plc, the European focused mineral exploration company with a portfolio of zinc prospects in Ireland and gold projects in Sweden, is pleased to announce that its ordinary shares will start trading on AIM at 8.00 a.m. today under the ticker ERIS.L (“Admission”).  As part of the Admission process, the Company has raised £4 million, before expenses, through a Placing of 16,000,000 new ordinary shares at a placing price of 25 pence each implying a market cap of £7.8 million on Admission.

 

The Company’s Nominated Adviser is Allenby Capital Limited and its Joint Brokers are Shard Capital Partners LLP and Turner Pope Investments (TPI) Ltd.

 

Overview

  • Raised £4 million before expenses to develop what the directors consider to be a highly prospective portfolio of zinc assets in Ireland and gold projects in Sweden and to identify and acquire additional exploration opportunities that have potential to significantly re-rate though exploration
  • Strategy to create shareholder value through early generative exploration and discovery and advance projects via joint venture and industry partnerships
  • Industry backing at company and project level: Osisko Gold Royalties, has invested £1.47 million in the placing to become a 18.9% shareholder; and Centerra Gold has a Strategic Alliance with Erris to explore a portfolio of gold properties within a common Area of Interest in northern Sweden
  • Dynamic work programme planned with regular news flow from drilling reports and results, mapping, sampling and petrographic studies across key projects:

o  Abbeytown – a high grade, shallow, district-scale zinc exploration target in a proven mineral district in County Sligo, Ireland – 5,000-metre drill programme beginning Q1 2018

o  Brännberg – a large-scale gold target with historic drill results and high-grade float in the Skellefteå mining district, northern Sweden – geophysical surveys to be completed prior to drilling

o  Klippen – a gold project in northern Sweden, in which Centerra Gold has made an election to invest $1m (the first $0.4m of which has already been invested) to earn 51% – ongoing drilling

o  Käringberget – a silver, gold, copper and zinc project in Sweden with known deposits and in which Centerra Gold has made an election to invest $1m (the first $0.4m of which has already been invested) to earn 51% – ongoing drilling

  • Focus on building pipeline of base or precious metal exploration assets in proven mineral districts and in favourable European jurisdictions
  • Strong market fundamentals

o  Zinc in a period of sustained supply deficit, while demand continues to grow – Ireland represents a supportive jurisdiction with large scale historic zinc production

o  Gold likely to remain well supported in current economic climate given its ‘safe haven’ status

  • Led by a highly qualified team with proven experience and track record of discovery, resource delineation, joint ventures and trade sales

 

Erris CEO, Merlin Marr-Johnson, said, “Exploration is the lifeblood of the resource sector, yet in recent years discovery rates have collapsed as discretionary spending by mining companies on exploration has dried up.  As primarily a discovery-driven exploration company with a focus on zinc and gold, we aim to delineate resources that contribute to the next generation of mines.  To this end, we have a portfolio of highly-prospective mineral assets, an experienced team, and the support of two significant industry partners with strong balance sheets, Osisko Gold Royalties and Centerra; these companies have endorsed both our business model and team, and recognise our potential to make commercial discoveries.  Furthermore, we are operating in a great space, exploring for key commodities in pro-mining regions within low-risk jurisdictions. As we embark on multiple drilling programmes during 2018, I look forward to updating shareholders regularly throughout the year.”

 

For further information and the full Admission document, visit www.errisresources.com or contact:

 

Merlin Marr-Johnson Erris Resources plc +44 (0) 7803 712 280
David Hart/Liz Kirchner Allenby Capital (Nominated Adviser) +44 (0) 20 3328 5656
Damon Health / Erik Woolgar Shard Capital (Joint Broker) +44 (0) 20 7186 9952
Andy Thacker Turner Pope Investments (TPI) Ltd (Joint Broker) +44 (0) 20 3621 4120
Hugo de Salis/Gaby Jenner St Brides Partners (Financial PR) +44 (0) 20 7236 1177

 

 

FURTHER INFORMATION

 

Introduction

Erris Resources was established in 2012 as a mineral exploration and development company. It was initially set up with the aim of exploring the northwest of Ireland for gold and base metals and has subsequently expanded into Sweden with a funded exploration programme with Centerra, pursuant to the Centerra JV agreement.

 

In Ireland, six contiguous prospecting licences totalling 159 km² in area were applied for by Erris Resources direct from the Ministry for Communications, Energy and Natural Resources in 2013. The Abbeytown Project consists of these six licences and includes the historic Abbeytown deposit as well as three separate, exploration targets in the 15 km to the west of the town of Ballysadare. The Abbeytown Project is 100 per cent. owned by Erris Resources and is subject to a 1 per cent. net smelter return royalty to Osisko (a company listed on the TSX with a market capitalisation of approximately C$2.5 billion). The principal target of the Abbeytown Project is economic zinc mineralisation, with ancillary lead, silver and copper potential.

 

In 2016, Erris Resources entered into a strategic alliance with Centerra, a wholly owned subsidiary of Centerra Gold Inc., a TSX listed gold and copper producer with a market capitalisation of approximately C$2.2 billion, over a defined Area of Interest (“AOI”) of 65,796 km² in Northern Sweden. Erris Resources has rights granted or pending over licences covering 313 km² within Centerra’s AOI. Under the terms of the Centerra JV Agreement, Centerra is currently funding an on-going annual generative programme to develop a pipeline of projects through area selection, permit application and then ongoing exploration work. The principal target is economic gold mineralisation. Erris Resources manages the exploration programmes and Centerra has a one-off right to elect to farm-in to selected “Designated Project Areas” (“DPAs”). Under the terms of the Centerra JV Agreement, for each DPA which is elected, Centerra can elect to spend US$1,000,000 on further exploration and development at that DPA to earn a 51 per cent. interest in the DPA over two years, and has the option to earn a further 19 per cent. by investing a further US$2,000,000 over the subsequent two years, to reach 70 per cent. in total. Erris Resources has rights granted or pending over 18 licences in seven separate project areas, each at different stages of technical development. The three most advanced projects are Klippen, Käringberget and Brännberg. Centerra has made elections in respect of Klippen and Käringberget and is expected to invest US$1,000,000 in each project over two years to earn 51 per cent., which started with two US$400,000 drilling programmes in the second half of 2017. Results from these drilling progammes are pending, and are anticipated to be ready for release in January 2018. Following a site visit and visual inspection of the drill core, Centerra has confirmed that it intends to invest the remaining US$600,000 in each DPA in 2018. Work at Klippen is likely to consist largely of drilling. At Käringberget, drilling will resume after a number of geophysical surveys are carried out. The Brännberg project in northern Sweden is 100 per cent. owned by Erris Resources and hosts gold mineralisation in historic drilling. It is a high priority target for Erris Resources and accordingly it plans to carry out geophysics, sampling and drilling at Brännberg during 2018. The exploration permits in Sweden are all subject to a 1 per cent. net smelter return royalty to Osisko (regardless of whether Centerra takes any ownership interest in the relevant DPA) and the exploration permit known as Grundträsk nr 7 is also subject to a 1 per cent. net smelter return royalty to Beowulf and a 1 per cent. net smelter return royalty to Scanex and Mirab.

 

Investment Case

The Directors believe that significant shareholder value can be created through the process of discovering new ore deposits. Well-managed exploration success finding commercially viable deposits can create capital value even in a period of weak metal prices. The Directors believe that Erris Resources is specifically configured in a way that maximises the chance of making commercial discoveries in an efficient manner. The key components of the Erris Resources discovery model are as follows:

 

  1. Technically-led team

The Directors and senior management team have significant exploration and capital markets expertise, with a track record of deposit discovery from first principal through to resource definition and technically de-risking assets, advanced studies and mine development. In addition, the team has a corporate record of public company management, mergers and acquisition, trade sales, joint ventures and strategic alliances.

 

  1. European jurisdictions

The Erris Resources portfolio comprises mineral licences in areas with proven metallogenic potential, an active mining industry, and transparent permitting processes. Erris Resources has a zinc project in Ireland and gold projects in Sweden, countries that rank highly in the Mining Journal, World Risk Report 2017. Ireland scored ’74’, Sweden scored ’81’ and Sweden was the only non-North America jurisdiction to register a AAA rating. New targets in Europe are currently being assessed.

 

  1. Prospective Property Portfolio

The current portfolio includes the Abbeytown Project, a 15km trend of discrete lead-zinc-silver prospects, barely explored since the 1980s, wholly reinterpreted after several years of fieldwork, systematic data integration and fresh geological thinking, centred on the historic Abbeytown deposit. In Sweden, Erris Resources has a portfolio of gold and polymetallic projects in northern Sweden.

 

  1. Dynamic Work Programme

Several drilling campaigns are planned for 2018, starting with an initial 5,000m exploration programme at the Abbeytown Project, Ireland. In Sweden, diamond drilling is expected to continue at Klippen (gold) and then at Käringberget (zinc-copper-gold), under the terms of the Centerra JV Agreement. Brännberg will also be advanced, with geophysical surveys completed prior to drilling. Company news flow from mapping, sampling, petrographic studies on these and other projects will supplement drilling reports and results.

 

  1. Industry Backing

The Company’s discovery model is validated by support from industry partners both at a project level and at the corporate level. Osisko, a TSX listed precious metal royalty and stream company with a market capitalisation of approximately C$2.5 billion, has a 1 per cent. royalty on the Abbeytown Project and Erris’s Swedish licences and has invested £1,469,000 in the Placing, an amount equivalent to 18.91 per cent. of the Enlarged Ordinary Share Capital. At the project level, Centerra, a wholly owned subsidiary of Centerra Gold Inc., a TSX listed gold and copper producer with a market capitalisation of approximately C$2.2 billion, is expected to fund the generative exploration in Sweden within the framework of the Centerra JV Agreement, and it has selected Klippen and Käringbergert as projects to farm into, where project expenditure of US$1,000,000 by Centerra on each project over two years will earn it a 51 per cent. interest in each project, with Erris Resources retaining a 49 per cent. interest without having to invest any additional funds.

 

  1. Value Creation Strategy

Deposit discovery is a process that includes growing a resource base in terms of size through exploration but also improving value per tonne of resource through detailed study. The Directors and senior management of the Company draw on decades of experience in technically de-risking resource targets through infill work, as well as stepping out to continue to define economic mineralisation of the system under exploration.

 

THE ABBEYTOWN PROJECT, IRELAND

 

The Abbeytown Project consists of six prospecting licences covering a total of 159 km². The licences are 100 per cent. owned by Erris Resources and are subject to a 1 per cent. net smelter return royalty to Osisko. The prospecting licences held were granted to Erris Resources over the course of 2013, for a period of six years (subject to periodic renewals), most recently having been renewed on 22 November 2017 for the remainder of the licence periods after the minimum collective expenditure threshold of €90,000 was met for the licences.

 

Area Number Licence Number Date Granted Date Expire Area Ha  

Project Sub Area

757 260573888 26/08/13 25/08/19 3227.34 Skreen
1660 260573849 26/08/13 25/08/19 1475.92 Skreen
3735 260573927 26/08/13 25/08/19 2197.98 Abbeytown, Lugawarry,
 

3967

 

260574005

 

26/08/13

 

25/08/19

 

2321.40

Streamstown Abbeytown North
4038 262447778 30/09/13 29/09/19 2787.26 Skreen
4469 260574122 26/08/13 25/08/19 3962.44 Skreen

 

Table 1: Abbeytown Project Prospecting Licences held by Erris.

 

Situated within the southern part of the Sligo Basin lies the Abbeytown Deposit which was mined historically (1951-1961) for lead. The Abbeytown Deposit covers approximately 1 km² and is surrounded by an active aggregates quarry, which sets a permitting precedent for industrial activity at the locality. Abbeytown is well served by local infrastructure and has a temperate climate. (Source: CPR – Section 1.2)

 

The Abbeytown area has a long history of mining dating back to the 1700s and possibly 1500s when monks at the abbey in Abbeytown mined silver from argentiferous galena. Mining is reported to have continued through the 18th, 19th and early 20th centuries. In the 1940s the Abbeytown Mining Company started open cast operations but later moved underground and the company was bought by Johannesburg Consolidated Investment Co. in 1950. Room and pillar mining ceased in 1957 due to declining metals prices, although some mining and milling of stockpiled ore was restarted in 1958. The mine finally closed in 1961.

 

Exploration was conducted by numerous companies at various times throughout the last 70 years, but little deep drilling was undertaken except for a few holes close to the Abbeytown Deposit. Vertical diamond core hole ABC-06, drilled by Chevron in the mid-late 1980s, located 300m south of the mine intersected significant mineralisation down to 148.8m which led to renewed interest at the time. Hole ABC-06 returned two significant intersections of 8m @ 3.7 per cent. Pb, 2.3 per cent. Zn and 38g/t Ag from 114m; and a lower copper zone of 3m @ 2.1 per cent. Cu. In addition, channel-chip samples taken by Chevron in the exposed, lower western mineralised zone returned a result of 20.7 per cent. Zn, 5.6 per cent. Pb and 223 g/t Ag. The samples were taken over 26m approximately along the strike of a replacement bed less than 1m in thickness.

 

At the Skreen prospect in the west of the prospecting licence block, the bulk of previous work was undertaken by Tara Exploration over a number of years between 1964 and 1976. The entire Skreen area as far as the coast to the north was soil sampled. The historic soil data outlined a zinc-lead anomaly with values of up to 1,000ppm Zn and 1,000ppm Pb, the upper detection limit for the analysis technique used. The anomaly extends for at least 3 km in a northwest direction through the area known as Skreen and attains a width of up to 1 km. Several other smaller anomalies were also detected. Limited drilling was conducted by Tara Exploration and subsequently Billiton Exploration Ireland during the early 1980s.

 

The Competent Person has not been able to verify the results of historical data from soil sampling, rock sampling and drilling described in this report. Although the CP has no reason to doubt the results described, they should be considered as indications of the presence of mineralisation only and may not accurately reflect true metal concentrations and mineralized thicknesses.

 

Erris Resources has collated and synthesised the historic data and carried out additional exploration work including regional soil sampling, digitising, re-modelling, sampling, re-interpretation and drilling four diamond holes, ER001-ER004. Erris now believes that Abbeytown is a carbonate replacement deposit, similar to Harberton Bridge or Kilbricken in the Irish Midlands. The CP agrees with this interpretation. At Abbeytown, there appears to be strong geochemical zonation with a copper zone at the base, a lead-rich lower zone through to a zinc>lead middle zone and a pyrite-calcite upper zonation or cap. Erris Resources believes the copper mineralisation probably occurs proximal to the source or structure feeding hydrothermal fluids into the carbonate basin whereas zinc is precipitated at lower temperatures more distal to the feeder and the deposit.

 

From 2015 to 2017, Erris Resources has drilled four holes ER001-ER004, three of which yielded encouraging results and confirmed the previous mineralisation while allowing Erris to develop a new exploration model in the absence of previous core. The drilling returned the following significant intersections (no significant intersections in hole ER004):

 

Hole ID m From m To Width Pb % Zn % Cu % Ag g/t
ER001 24.40 26.90 2.50 3.71 6.75 0.02 16.5
ER001 110.55 121.00 10.45 1.92 4.36 0.07 44.0
ER001 125.00 137.00 12.00 2.14 1.63 0.38 10.1
ER002 135.65 141.30 5.65 2.85 4.02 0.13 22.0
ER002 150.80 152.80 2.00 2.14 1.63 0.38 10.1
ER002 162.00 164.40 2.40 1.84
ER003 126.35 128.00 1.65 5.51 2.53 0.03 28.8

 

Table 2: Highlights of the drilling of ER001-ER003. Source: CPR – Table 4.5

 

Composites are generated using a length weighted average for assays >2 per cent. Pb+Zn, maximum total length of waste 2m, maximum consecutive length of waste 1m. Thicknesses have not been converted to apparent thickness at this time due to lack of data and uncertainty of deposit geometry. Integration of all datasets, including structural and geophysical interpretation of data, soil survey results, digitised mine records, chip samples, core logging and general re-interpretation of the geological model has led to the establishment of a series of exploration targets.

 

Work Programme

Erris Resources has costed a total potential of 21,700m of diamond drilling over an eighteen-month period at the Abbeytown Project. The drilling allocations for the target areas are as follows (Table 3) and will be dependent on the results from the initial Phase 1 drill programme:

 

Erris Resources Abbeytown Drilling Programme, 2017-2018

 

Project Area Total potential metres Planned Contingent
Abbeytown 9,200m 2,000m 7,200m
Lugawarry/Streamstown 6,500m 1,500m 5,000m
Skreen 6,000m 1,500m 4,500m
TOTAL 21,700m 5,000m 16,700m

 

Table 3: Erris Resources proposed drill programme for 2017-2018, subject to funding being available. Source: CPR – Table 4.6

 

(i)           Phase 1, Planned drill programme

Drilling to identify resources adjacent to the Abbeytown mine is planned for 2018. In addition, exploration drilling will start on targets at Skreen, Lugawarry, Streamstown and near the Ox Mountains Fault. Erris plans to use up to three drilling rigs during the Phase 1 drilling programme.

 

Drilling in the near mine area will aim to identify and outline mineralisation that extends southwards from the mine to the location of drill hole ER001 and beyond. Inclined holes will test areas selected due to preferential structural and lithological factors. Targets include areas at depth below the centre of historic mining activity, and on strike from known zones of mineralisation. Mineralisation will be tested down to a vertical depth of between 150m and 200m.

 

At Skreen, Lugawarry and Streamstown, drilling will test exploration targets selected on the basis of coincident anomalism. Factors contributing to target selection include geological mapping, structural interpretation, geophysical interpretation, analysis of historic data and soil geochemistry.

 

The Phase 1 drill programme will consist of up to approximately 5,000m of diamond drilling in total, of which up to 2,000m is allocated to near-mine targets at Abbeytown. The remaining 3,000m will be ascribed to exploration drilling at Skreen, Lugawarry and Streamstown.

 

Once the initial 5,000m is completed, Erris Resources will compile the results and review data before deciding on the location and quantity of future drill holes.

 

(ii)          Phase 2, Contingent drill programme

As noted above, Erris Resources has costed a total potential of 21,700m drilled with 5,000m to be completed in Phase 1 and a further 16,700m drilled in Phase 2.

 

At present Erris Resources has location plans for 92 holes for near mine exploration. Clearly, the results of the first 2,000m drilled in Phase 1 will affect the location of the remaining holes planned for Phase 2. It is anticipated that Erris will allocate a further 7,200m of drilling to near-mine exploration at Abbeytown in 2018. At Streamstown, Lugawarry and Skreen, a further 9,500m is planned.

 

The plan may be amended or changed as the drilling programme progresses, assay values are received and geological models and understanding develop, as well as to reflect funding available.

 

THE SWEDISH PROJECT PORTFOLIO

 

Erris holds a portfolio of Exploration Permits in Sweden. The three most strategically important projects are Klippen, Käringberget and Brännberg. Erris also holds other granted or pending permits on early stage targets which have little or no previous exploration work. These include Storklinten, Orrträsket, Skarvsjö, and Gunnarbäcken. All licences held by Erris or its affiliates in Sweden are subject to 1 per cent. net smelter return royalty on the sale of minerals produced from the licences in favour of Osisko. In addition, the licence known as Gundträsk nr 7 is subject to a 1 per cent. net smelter return royalty in favour of each of Beowulf and Scanex and Mirab.

 

The Klippen and Käringberget projects have been elected pursuant to the Centerra JV Agreement, whereby Centerra is expected to fund the further exploration of these projects in accordance with the terms of the agreement.

 

The Klippen, Käringberget and Brännberg projects are located in the Västerbotten County (or Västerbotten län) in the north of Sweden and are within 100-200 km of the cities of Skellefteå and Umeå, both of which have international airports. The Klippen and Brännberg projects are divided over four and six immediately adjoining EPs respectively with three EPs for the Brännberg project having been granted in May 2017.

 

 Permit Area Ha Status Mineral Licence ID Valid From Valid To
Klippen nr. 13 1050.00 Granted gold, silver, copper, 2016:27 10/03/2016 10/03/2019
lead, zinc
Klippen nr. 12 682.70 Granted gold, silver, copper, 2016:21 07/03/16 07/03/19
lead, zinc
Klippen nr. 11 400.10 Granted gold, silver, copper, 2015:97 10/09/15 10/09/18
lead, zinc
Klippen nr. 10 3353.72 Granted gold, silver, copper, 2015:87 18/06/15 18/06/18
lead, zinc
Käringberget nr. 2 1931.77 Granted gold, silver, copper, 2014:92 05/11/14 05/11/20
lead, zinc, molybdenum
Brännberg nr. 1 1293.00 Granted gold, silver, copper, 2016:105 28/10/16 28/10/19
lead, zinc, molybdenum
Brännberg nr. 2 1317.17 Granted gold, silver, copper, 2016:106 28/10/16 28/10/19
lead, zinc, molybdenum
Grundträsk nr. 7 413.22 Granted gold 2015:91 05/08/15 05/08/18
Brännberg nr. 4 416.54 Granted gold, silver, copper, lead, 2017:77 24/05/17 24/05/20
zinc, molybdenum
Brännberg nr. 5 889.94 Granted gold, silver, copper, lead, 2017:83 30/05/17 30/05/20
zinc, molybdenum
Brännberg nr. 6 955.11 Granted gold, silver, copper, lead, 2017:84 30/05/17 30/05/20
zinc, molybdenum

Table 4: Swedish Exploration permits of material importance held by Erris

 

Klippen

The Klippen project area has undergone limited and sporadic exploration by a number of companies since the early 1980s. The most significant work was conducted by Terra Mining AG who initially discovered the prospect by till sampling. Historic work includes:

  • Till sampling and follow up detailed till sampling grids;
  • Base of till and bedrock geochemical samples;
  • Ground magnetics and EM surveys;
  • Trenching; and
  • Drilling (focused in one area by Terra Mining AG and two lines of RC holes by Ovoca Gold plc).

 

Klippen lies along the southern extension of the “Gold Line” district, a regionally distinct corridor of mineralisation associated with a crustal shear zone hosting multiple gold deposits. The Klippen concession package is located in a particularly thick package of ‘greenstone’ along the continuation of a major NW structure but also coincident with the E-W gravity ‘break’. It is likely that a number of reverse faults or thrusts are present in the greenstone package and some may be remobilised or folded in later shearing.

 

The data indicates that gold is associated with Cu, Sb, and Bi hosted in metasediments and volcanics adjacent to a granodiorite intrusive. It should be noted that historic drilling was very shallow compared to the known deposits in the Gold Line area. Furthermore, drilling may not have been in the right orientation to intersect the mineralised structures and none of the previous operators completed their exploration programmes. (Source: CPR – section 1.3).

 

The Erris Resources work identified an area of interest with 3.6 km of strike length on which Centerra agreed to fund a drill programme as part of their earn-in.

 

An initial 1,800m has been drilled and the core is currently being prepared for submission for assay. Once returned, the assay data will be sent to Centerra and a process of joint interpretation, review and planning will take place. The integrated results from the 2017 work programme and details of the proposed 2018 work plan are expected to be announced in January 2018.

 

The Competent Person has not been able to verify the results of historical data from soil sampling, rock sampling and drilling described in this report. Although the Competent Person has no reason to doubt the results described, they should be considered as indications of the presence of mineralisation only and may not accurately reflect true metal concentrations and mineralized thicknesses.

The phase 1 drill programme involved drilling of nine angled holes totalling 1,800m with fences of holes to test the Thor zone and test at depth under the previous shallow drilling and trenching which had economic gold intersections. No historic core survives so core is required to update the geological and exploration model. The phase 1 drill programme has cost US$400,000.

 

Centerra has confirmed that it intends to fund an additional US$600,000 in expenditures on the project in 2018, which will include additional exploration drilling. On a proportional expenditure basis the extra funding will allow for extra drilling, so planning for a further 3,000m of diamond drilling at Klippen is underway.

 

While Klippen has been the subject of multiple exploration programmes in the past, the approach has not been systematic, and the results of different programmes were not effectively tied together by past operators. The Directors believe Erris Resources has compiled and reviewed a great deal of geochemical, geophysical and geological information over the project and have developed promising targets for further investigation.

 

Käringberget

The Käringberget project is located in the north of Sweden in the Malå municipality, Västerbotten County, 15 km northwest of Malå town. A number of gravel roads cross the project area.

 

The associated permits have been held by several companies in the past, including Boliden Minerals AB, Mawson Minerals and North Atlantic Natural Resources AB. Past work includes very limited drilling and trenching (no data remaining), mapping and sampling.

 

The project area at Käringberget lies at the western end of the Skelleftea Zn-Cu-Pb-Ag-Au District, in an area of Palaeoproterozoic sediments. Approximately 12 km to the northeast is the Eurasian Minerals’ Adak project, which covers four past-producing mines reported to have produced 12.1Mt at 1.5 per cent. Cu between 1940 and 1977 (the Competent Person has not been able to verify these figures). The mineralisation occurs as both stratiform to stratabound chalcopyrite-rich ore in altered volcanics and as breccia or vein breccia ore hosted by quartzite. The mineralisation occurs at the upper contact with andesitic layers, within a two-kilometre-wide felsic dome. It has previously been described as VMS style mineralisation, but replacement mineralisation may be a more correct term.

 

Locally, at Käringberget the geology of the project area consists of an east-west striking, north to north- northeast shallow-dipping volcanic package consisting of mafic, intermediate and felsic volcanics intruded by a plagioclase porphyritic intrusive rock which appears to be a sill while a diorite dyke is also mapped. From mapping of the available outcrop, which is relatively well exposed for Northern Sweden, there appears to be some zonation in alteration minerals from an outer chlorite zone, to a chlorite-sericite-silica+\-pyrite to an inner silica-pyrite zone which is locally intense.

 

At Käringberget, the observed broad mapped alteration zone and sample analytical results are encouraging although no high gold grades have been encountered to date. However, given the shallow northeast-dipping nature of the volcanics at Käringberget, a zone of replacement mineralisation may well lie at depth in the sequence and the observed mineralisation and alteration at surface would be in the hanging wall of any potential deposit. Massive pyrite veins and pegmatitic sulphide-rich veins carrying low grade gold and copper cut the volcanic sequence and may have been remobilised from a sulphide body at depth.

 

The exploration target model for the prospect area is a sulphide body, either massive sulphide or replacement mineralisation, occurring at depth under and adjacent to the alteration zone. Mineralisation and alteration cuts across all lithologies as do sulphide veins, some of which have vuggy sericitic margins.

 

Käringberget is an early stage exploration project. Indications from regional dataset interpretation, geochemistry and alteration mapping and geological and mineralisation observations and similarities with deposits in the area clearly suggest the presence of a mineralising system and good potential for deposit development.

 

The Competent Person has not been able to verify the results of historical data from soil sampling, rock sampling and drilling described in this report. Although the CP has no reason to doubt the results described, they should be considered as indications of the presence of mineralisation only and may not accurately reflect true metal concentrations and mineralized thicknesses.

 

Erris Resources is in the process of completing a work programme to test the zoned alteration and geochemical anomaly at Käringberget. Drilling to test if there is any potential at depth under the silica-pyrite alteration zone, which has the highest grades for most metals including Au and Ag, was carried out in the second half of 2017 and was funded by Centerra. As at Klippen, work on data collation, joint interpretation, review, and planning is underway. The integrated results from the 2017 work programme and details of the proposed 2018 work plan are expected to be announced in January 2018.

 

Centerra has confirmed that it intends to fund an additional US$600,000 in expenditures on the project in 2018, which will include geophysical surveys and additional exploration drilling.

 

Brännberg

The Brännberg project lies 84 km west-northwest of Skellefteå and 28 km east of Malå in Västerbotten County Northern Sweden. The project area is accessible by a sealed public road which traverses part of the project area while other gravel roads and forestry tracks are present.

 

The project area consists of lithologies formed in a marine volcanic-arc environment dominated by intermediate to felsic volcanics and volcaniclastics with overlying sediments, mainly greywackes. Gold mineralisation at Brännberg was first documented in the 1990s by Scanex-Mirab Exploration in joint-venture with Barrick. Beowulf then took up the licences when they became available in 2003. Various phases of drilling were carried out, with many holes intersecting gold mineralisation.

 

Erris has conducted a review of the available drill core and historic data and has noted that gold occurs within sheeted quartz-arsenopyrite veinlets and that anomalous gold is associated with disseminated arsenopyrite and chalcopyrite. Strong silicification is always present in the mineralised intervals while strong carbonate alteration usually occurs outboard of the silicification.

 

The quartz-arsenopyrite veins are planar cutting the breccia and clasts and are crosscut by later quartz- carbonate veins. The later quartz-carbonate veins often carry trace amounts of chalcopyrite throughout all holes suggesting that there is a significant amount of copper in the system.

 

Significant intersections in past drilling include those in hole 6002 with 5.2m @ 4.3g/t Au, 8.1m @ 2.5g/t Au and 5.2m @ 1.6g/t Au. These intersections occur in a broad zone of 27.5m with arithmetic mean grade of 2.0g/t Au although it should be noted that it includes gaps with intervals of >1m at <1g/t Au. Potential for high-grade mineralisation is also demonstrated with 12.6g/t over 1.2m from 5.8m to 7.0m in hole 6002 (within the interval of 5.2m @ 4.3g/t Au).

 

The Competent Person has not been able to verify the results of historical data from soil sampling, rock sampling and drilling described in this report. Although the CP has no reason to doubt the results described, they should be considered as indications of the presence of mineralisation only and may not accurately reflect true metal concentrations and mineralized thicknesses.

 

Table 5 below includes all intersections for values of >0.5 g/t Au, minimum length 2m and maximum consecutive length of waste 2m. True thickness conversions were not completed at this time due to limited geological understanding.

 

DDH_ID From To Interval Au g/t Ag g/t
96001 43.2 49.4 6.2 1.2 0
3001 18 21.95 3.95 1.7 2. 9
3003 20.7 23.9 3.2 2.2 2.1
4001 17.6 21.4 3.8 1.0 4.0
4001 53 60.58 7.58 1.9 4.1
4003 13.5 15.6 2.1 1.9 7.8
5004 20.75 41.8 21.05 1.6 1.3
6001 16.6 23.7 7.1 1.0 2.5
6001 27 37.05 10.05 1.7 3.0
6002 5.8 33.3 27.5 2.0 3.2
6003 7.45 37.2 29.75 1.9 2.7
6004 62.6 65.3 2.7 0.9 2.1
6005 41 59 18 1.8 0
6008 18 22 4 1.1 2.5
6009 38 49 11 0.801 3.245
6009 61.35 68 6.65 0.589 1.381

 

 

Table 5: Selected grade composites from historic drilling for the Brännberg project.

 

Erris Resources plans to carry out a short exploration programme to augment the existing data set at Brännberg prior to instigating a new diamond drilling campaign. It is too early to define the nature and the extent of that diamond drilling campaign although it is not unreasonable to justify a programme to drill deeper on the areas of known mineralisation and also to extend drilling further to the south where the inferred structure is thought to lie. Drilling will better test the structural corridor that appears to be associated with mineralisation.

 

The Brännberg work programme includes:

  • Continued mapping, float sampling and prospecting, especially on the central ‘structural corridor’;
  • Bottom till/top of bedrock sampling;
  • Revision of existing core and submission of samples for assay; and
  • Remote sensing data acquisition and interpretation.

 

Erris Resources views Brännberg as a high priority target and accordingly has [budgeted to work on the project from the start of 2018 using funds raised]. Centerra retains the right to elect Brännberg as a ‘Designated Project Area’ (“DPA”), in which case the work programme would be funded by the Centerra earn-in.

 

It is clear that Brännberg has not had systematic exploration carried out on the project area in the past. Despite the incomplete work, the cumulative data and the current understanding of controlling features on gold mineralisation in the Skelleftea district makes Brännberg a prospective target.

 

OTHER PROJECTS

 

In Sweden, Erris Resources also holds the Orrträsket, Gunnarbäcken, Storklinten and Skarvsjö licences. These licences are early stage projects that have been granted to Erris Resources direct from the Swedish Geological Agency (SGU) and they fall within the Centerra JV Agreement in northern Sweden.

 

Erris also maintains an active target generation process seeking exploration licences in other European jurisdictions to further diversify its portfolio of projects. Ideas are advanced from remote sensing studies to target ranking then ground-truthing and licence application. Erris is targeting European jurisdictions that have a demonstrable track record of supporting an international mining industry. It favours districts with proven mineral potential, typically historic mining areas, and will preferentially apply for licences that offer a potentially fast-track to drill-ready status.

 

THE ZINC MARKET

 

The zinc price was approximately $3,265 per tonne (as at 3 November 2017) and the primary aim of the Group is to delineate resources containing economic mineralisation which, by definition, will have to accommodate prevailing metal prices. The Directors believe that the zinc price will remain supported at or above current levels because of a number of factors. Metal prices typically vary as the interplay between supply and demand varies, either creating periods of supply deficit when above-ground stocks are consumed to match underlying demand, or periods of supply surplus when above-ground stocks accumulate.

 

Demand growth, driven by global economic growth rates is expected to remain steady. On 10 October 2017 the IMF published global economic growth forecasts of 3.6 per cent. in 2017 and 3.7 per cent. in 2018 – its highest rate since 2010.

 

On the supply-side of the equation, mine production has fallen in recent years with the closure of some large mines (Century in Australia, Lisheen in Ireland). Teck Resources Limited notes that committed and operating mine production is peaking and that replacement projects are being delayed.

 

The combination of modest demand growth and weak supply has contributed to a rise in zinc prices from $1,454 per tonne in January 2016 to current levels of $3,265 per tonne. The combined London Metal Exchange and Shanghai Futures Exchange stock levels are at similar levels to 2006 when zinc prices rose rapidly. Treatment charges at smelters have fallen significantly, indicating low levels of concentrate stocks. Some industry commentators predict an ongoing supply/demand deficit which is typically associated with rising metal prices.

 

THE GOLD MARKET

 

As at 3 November 2017 the gold price was approximately $1,268 per ounce and the primary aim of the Company is to delineate resources containing economic mineralisation which, by definition, will have to accommodate prevailing metal prices.

 

Gold price forecasting is notoriously difficult as the metal tends to behave both as a currency and a commodity. In currency terms the market centres on its historic ‘safe haven’ status. The argument runs that in a world of fiat currency, gold is tangible, fungible and a historic currency, and will therefore remain well supported in the current economic climate.

 

On the supply, primary gold from mine production can be correlated to investment in exploration and development.

 

In March 2017 S&P Global Market Intelligence published a World Exploration Trend study which calculated that the mining industry’s total budget for nonferrous metals exploration was just US$7.2 billion in 2016, compared with the record US$21.5 billion budgeted in 2012. The report notes that the decline in exploration budgets can be attributed to investor wariness of exploration and a significant reduction in spending by producing companies as they sought to improve profit margins.

 

The World Exploration Trend study reported that globally, gold remained the top-explored commodity last year, accounting for 48 per cent. of the global exploration budget, matching the record high of 2011. In dollar terms, gold exploration fell to its lowest level since 2006, dropping US$643 million, or over 16 per cent., to US$3.30 billion.

 

DIRECTORS AND KEY MANAGEMENT

 

Jeremy Martin (aged 40). Non-Executive Chairman

Jeremy is a founding director of Erris Resources. Mr. Martin holds a degree in mining geology from the Camborne School of Mines, and a MSc. in mineral exploration from the University of Leicester. He has worked in South America, Central America and Europe, where he was responsible for grassroots regional metalliferous exploration programmes through to resources definition and mine development. Jeremy has been involved in the formation of a number of publicly listed mineral resource companies. He is currently Chief Executive of Horizonte Minerals and holds BSc (Hons), MSc, ACSM, MSEG.

 

Merlin Marr-Johnson (aged 46). Chief Executive Officer

Merlin joined Erris Resources as CEO in April 2017. He is a graduate in geology from Manchester University and holds a Masters Degree in Mineral Deposit Evaluation from the Royal School of Mines, Imperial College. Merlin started his career as an exploration geologist on zinc and copper projects for Rio Tinto in southern Africa before completing his MSc and subsequently working as an equity and commodities analyst at HSBC between 1997 and 2003. In 2003 Merlin founded Palladex plc, and was CEO until mid-2007. At Palladex he raised US$9.8m on admission to AIM in 2004, worked in Central Asia, delineated and then divested gold assets in Kyrgyzstan and Tajikistan, identified the geological potential of the Tulu Kapi gold deposit in Ethiopia, and renamed the company Minerva Resources plc. Between 2008 and 2009 he was Exploration Director at Zamin Ferrous, running multiple programmes in South America, including a significant discovery in Uruguay. Merlin worked at Blakeney Management between 2010 and 2015, as Natural Resources Portfolio Manager – Middle East and Africa, covering exploration, development and producing assets in Oil & Gas and Mining. Since 2015 he has consulted for Tavistock Communications, Golden Star Resources and Ferrum Crescent Ltd among others. He holds BSc (Hons) in geology, MSc, DIC and FGS.

 

Cherif Rifaat (aged 46). Chief Financial Officer

Cherif is a UK chartered accountant who has more than 20 years of venture capital, corporate finance, operational turnaround and investor relations experience since his qualification with KPMG. He has primarily worked with technology, mining and real estate companies, with an emphasis on those in a start-up, pre- IPO or restructuring phase. He has been a corporate and financial adviser to the lithium mining company, Bacanora Minerals, since it listed on AIM in 2014. Cherif is a graduate from the University of St Andrews, Scotland. He holds MA (Hons) in modern history and has been a member of the ICAEW since 1998. Prior to Admission Cherif provided certain services to the Company through a consultancy company in connection with the Admission and the Placing.

 

Graham Brown (aged 59). Non-Executive Director

Graham holds a BSc. from the University of Strathclyde, Glasgow. He has been a Fellow of the Society of Economic Geologists (“SEG”) since 1999, participated in the Colombia Senior Executives programme in 2004 and the Duke Business Leaders programme in 2007. He is a past councilor of the SEG and current British Geological Survey industry adviser and Natural History Museum honorary research fellow. In 2011 he was the co-recipient of the PDAC Thayer Lindsley Award and from 2013 attained both Chartered Geologist and European Geologist professional status. Mr. Brown joined Amax as an exploration geologist in 1980 and worked on a variety of exploration and mining operations in the Circum-Pacific region. For almost a decade Mr. Brown worked as a consultant involved with the exploration and evaluation of a number of major discoveries in both Asia and Europe. In 1994, he joined Minorco as Chief Geologist. Subsequently he became the Europe-Asia region’s Vice President Exploration and following the Minorco-Anglo American plc merger in 1999, he served as Vice President Geology. In 2003 he was appointed Senior Vice President Exploration and managed geosciences, technical services, and R&D programs. In 2005 he was promoted to Head of Base Metals Exploration and in 2010 he took up the position of Group Head of Geosciences for the Anglo American Group.

 

Jeremy Taylor-Firth (aged 47). Non-Executive Director

Jeremy has worked in investment management since 1996. He initially worked at Matheson Securities, which was acquired by Prudential-Bache Ltd and subsequently renamed Dryden Wealth Management.

In June 2006, he joined Singer & Friedlander Investment Management as an Investment Director. This business was then acquired by Williams de Broe where he worked until October 2010. Jeremy is currently an Investment Manager with Hanson Asset Management, where he has worked for the last six years. He is also the non-executive chairman of Primorus Investments plc. Jeremy holds CISI Level 6 PCIAM.

 

Andrew Partington (aged 53). Non-Executive Director

Andrew is a partner with Toronto based investment bank Paradigm Capital Inc. specialising in corporate advisory, M&A, and equity raising for mining and metals companies and was also a principal with Beacon Group Advisors between 2001 and 2003, which was the predecessor to Paradigm’s mining team. In addition, Andrew has served as a mining equity analyst with Deutsche Bank’s Global Mining and Metals team and Newcrest Capital covering the base metals and gold industries. Andrew holds a B.Sc. (Hons) Engineering Geology from the University of Portsmouth and an MBA from York University’s Schulich School of Business as well as MIMMM and FGS.

 

Key Management and Technical Adviser

 

Aiden Lavelle Chief Operating Officer

Aiden is an experienced exploration manager who played a key role in the discovery of the Pandora prospect in Djibouti. His international work also includes target generation, project management and resource definition. He holds BSc (Hons), MSc, MIGI, P.Geo and is based in Ireland.

 

David Hall Technical Adviser

David was a founding director of Erris Resources. Mr Hall is a graduate in geology from Trinity College Dublin and holds a Masters Degree in Mineral Exploration from Queens University, Kingston, Ontario. He has 29 years of experience in the exploration sector and has worked on and assessed exploration projects and mines in over 50 countries. From 1992, Mr Hall was Chief Geologist for Minorco SA, responsible for Central and Eastern Europe, Central Asia and the Middle East. He moved to South America in 1997 as a consultant geologist for Minorco South America and subsequently became exploration manager for AngloGold South America in 1999, where he was responsible for exploration around the Cerro Vanguardia gold mine in Argentina, around the Morro Velho and Crixas mines in Brazil and establishing the exploration programme that resulted in the discovery of the La Rescantada gold deposit in Peru as well as certain joint ventures in Ecuador and Colombia. Mr Hall is also founder and former Executive Director of Stratex International Plc, an AIM traded company with exploration assets in Turkey and in which Teck Resources Limited is an equity shareholder. Mr Hall is a fellow of the Society of Economic Geologists and EuroGeol. He is currently CEO of Thani-Stratex and non-executive chairman of Horizonte Minerals. He holds BA (Hons), MSc, FSEG, MIGI, P. Geo.

 

 

This announcement should be read in conjunction with the full Admission document, available from the Company’s website www.errisresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

Georgian Mining Corporation – Appointment of COO

Georgian Mining Corporation is pleased to announce the appointment of Mr Michael Struthers as Chief Operating Officer, a non-main board role, effective immediately.  Mr Struthers is a Chartered Engineer with over 37 years of international mining experience. 

 

Over the course of his career, Mr Struthers has held senior management positions with leading global mining companies and consultancies.  He has a proven track record both at an operating and advisory level as a project manager, covering all stages of a mine’s life from feasibility and engineering studies including technical reviews, project and financial evaluations to strategic planning, construction, mine expansion, risk assessments and due diligence.  He has extensive experience in base‐metals and gold in Africa, Australia, North America, South America, Europe and Russia / CIS. 

 

From January 2011 to 2017, Mr Struthers held Project Director and Senior Project Manager positions for Lundin Mining Corporation (‘Lundin’), overseeing strategic growth initiatives at Lundin’s operations in Chile.  In addition, he led studies for a number of expansion opportunities at the Neves Corvo copper zinc mine in Portugal including a feasibility study into a US$300 million expansion of the zinc operations.  The project was subsequently approved with the execution phase commencing in April 2017.  From 2007 to June 2009 he was Technical Director and Chief Operating Officer for MBC Resources where he was responsible for the technical development of two major zinc deposits in Russia including Ozernoe, a Joint Venture with Lundin, as well as the polymetallic Kholodninskoye  project, where he led a prefeasibility study.   He has also previously been a partner in a private equity fund focused on Russian gold mining, carrying out extensive technical reviews, evaluations and development planning for a variety of prospective gold projects in Russia.

 

Between 1994 and 2007,  Mr Struthers was Director and Principal Geotechnical Engineer for AMC Consultants (UK) Limited, a leading mining consultancy, during which he led teams on a range of projects on behalf of major global mining companies including Rio Tinto, BHP Billiton, Xstrata and WMC Resources Ltd, and a large number of junior and mid-tier companies.  Mr Struthers graduated from the University of Hull, UK with a BSc in Geology (1980) and the Camborne School of Mines (1984), where he graduated with a MSc in Mining Geology with distinction. Mr Struthers is a Chartered Engineer with the UK Engineering Council.

 

Georgian Mining Corp Managing Director Greg Kuenzel said, “Attracting a professional of the calibre and experience of Mr Struthers to the key role of COO in our view is testament to the quality of the Company’s project.  He has a proven track record of maximising the potential and value of projects operated by leading mining groups, and I am confident his addition to the team will prove to be invaluable as we look to establish KB and the other targets identified across the wider licence area in Georgia as another world class copper-gold asset on the prolific Tethyan Belt.”

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please visit www.georgianmining.com  or contact:

 

Greg Kuenzel Georgian Mining Corporation Company Tel: 020 7907 9327
Ewan Leggat S. P. Angel Corporate Finance LLP Nomad & Broker Tel: 020 3470 0470
Soltan Tagiev S. P. Angel Corporate Finance LLP Nomad & Broker Tel: 020 3470 0470
Damon Heath Shard Capital Partners LLP Joint Broker Tel: 0207 186 9950
Frank Buhagiar St Brides Partners Ltd PR Tel: 020 7236 1177
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236 1177

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

WideCells Group Plc – Corporate Update

WideCells Group PLC, the healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, is pleased to announce a number of corporate changes that reflect the Company’s transition from product development into a revenue-generative, international provider of stem cell services.  The Company has today strengthened its management and advisory team through the appointment of three new board members, created a new Scientific Advisory Committee and appointed a specialist advisory company, WG Partners LLP (‘WG Partners’), as joint broker.

 

Board Changes

 

Mr. Alan Greenberg, previously Vice President of Wideacademy and a Group Non-Executive Director, is now a Group Executive Director, Group Chief Business Development Officer and Senior Vice-President of Wideacademy.  Though predominantly continuing the growth of Wideacademy, his responsibilities include: producing and refining business development strategies; designing and implementing processes to support growth, both by working with clients and business partners; developing marketing strategies, maintaining contacts and project partners; and driving prospects through to contract award, including identifying new customers and markets and the approaches to them.

 

Mr. Peter Presland, Mr. Malcolm Glaister and Mr. Zakaria Aziz have joined the Board of WideCells Group, as Non-Executive Directors, with Mr. Peter Presland assuming the Chairman position.  The three new directors bring a wealth of corporate experience to support WideCells Group’s targeted growth initiatives as it looks to increase its global profile and build sales across its innovative stem cell services portfolio.   As part of these board changes, Dr. Graham Hine, incumbent Chairman, has retired from his board role having successfully supported the Group’s IPO in July 2016 and advanced the Company to a point of international growth and development. Dr. Graham Hine remains as a director of a subsidiary of the Group.

 

Mr. Peter Presland LLB, ACA, has a track record of building both large and small companies through the development of corporate strategies to create shareholder value.  Over his 45-year career he has held numerous chairmanships and directorships spanning a range of sectors including pharmaceutical, healthcare and insurance.  He was CFO then CEO at C E Heath PLC, a London Stock Exchange listed major international insurance group, and has held previous non-executive positions at East Kent Hospitals University Foundation NHS Trust, one of the largest Foundation Trusts in the UK, John Holman & Sons Limited, the (then) oldest independent Lloyd’s insurance broker, and Chairman at Link, the UK ATM network.  He is currently Chairman of Beautiful Information Limited, which provides analytics to the NHS/health sector and R & B Underwriting, an insurance agency and a non-executive director at AIM listed Redx Pharma plc, a company pioneering transformational drug discovery and development in the areas of cancer and fibrosis.  His extensive experience and network of contacts within the medical and insurance industries will support WideCells Group’s active growth strategy as it looks to build client reach and rapidly advance product roll-out internationally. Additionally, Mr Presland will assume the role of Chairman of the Group’s audit and risk committee.

 

Mr. Malcolm Glaister brings extensive capital markets experience having held a number of management roles across a broad spectrum of leading investment and trading businesses.  In 2012 he founded Farm Street LLP, of which he is currently CEO, delivering financial advice to mainly UK entrepreneurs and businesses, covering corporate finance, treasury, debt, and asset management.  He is also a Founding Partner and CEO of the Eight Great Technologies Investment Fund LP, a venture capital fund focusing on investing in emerging UK technology companies.  Prior to this, Mr. Glaister was Head of Private Banking for Lloyds Bank PLC, managing the company’s wealthiest clients; responsible for European private client business in private equity, real estate and hedge funds at AIG Investments; and Head of Family Offices and a senior private banker at JP Morgan, with responsibly for the larger UK domiciled clients.  His financial experience, investor knowledge and prestigious network of contacts will be invaluable to WideCells Group as the Company looks to build its investment profile. Mr Glaister will also assume the role of Chairman of the Group’s remuneration committee.

 

Mr. Zakaria Aziz is a successful entrepreneur with significant corporate and investment experience, primarily in South-East Asia and the Middle East where WideCells Group has recently become active following its strategic agreement with White Apex General Trading in October 2017.  Having started his career in oil and gas, working with companies including Brunei Shell Petroleum and Alpha One Engineering, Mr. Aziz is currently a director of the RAY International board.  With proven success in driving global business development and unrivalled operational experience and business relationships in South-East Asia and the Middle East, which represent prospective new markets for WideCells Group, Mr. Aziz will be integral in supporting the continued global growth of the Group and building its investment profile.

 

Scientific Advisory Committee

As part of the Group’s commitment to remaining at the fore of development within the stem cell industry, and in accordance with its aim to ensure a consistent level of operational excellence, WideCells Group has created a Scientific Advisory Committee (the ‘Committee’).  The Committee will be responsible for identifying and advising the Board on new developments within the stem cell sector to ensure that the Group continues to address market demand and offer the most competitive and innovative portfolio of services.

 

The Committee will also help to manage all research work for the Group.  This will include research linked to the Group’s educational training division, Wideacademy, as well as paid-for-research projects that are undertaken at the Group’s Institute of Stem Cell Technology in Manchester, UK.

 

The Committee will be chaired by Prof. Tristan Mckay.  He will be supported by a team of leading medical innovators.

 

Prof. Tristan McKay is Professor of Stem Cell Biology and Head of Genes, Cell & Molecular Biology Group at the Biomedical Research Centre, School of Healthcare Science, Manchester Metropolitan University, UK.  He leads a group of researchers investigating the signalling pathways underlying cellular reprogramming during differentiation and de-differentiation in development and disease.  Prior to this he was Reader in Molecular and Cell Sciences at St. George’s University of London and Senior Lecturer at the Centre for Endocrinology, William Harvey Research Institute, Queen Mary University of London.   He is a member of numerous UK and international organisations focused on stem cell research and gene therapy including the American, European and British Society for Gene and Cell Therapy, as well as the International Society for Stem Cell Research.  Professor McKay has also published original research in leading publications such as Stem Cell Research, Scientific Reports, Molecular Therapy and Mol Cell Endocrinol.

 

Dr. Ahmed Al-Alawi has significant biotechnical and management experience having previously led a team for the development of a manufacturing process for a major product at Genzyme.  He consults and advises on strategic investments, management, manufacturing and innovation and works closely with leading universities, organisations and businesses on shaping the future of healthcare and innovation globally.  In 1989 he founded the Middle East Thrombosis Research Institute in the UAE, which boasts 18 research centres.  During 2011 to 2013 he was a Programme Director of the HealthCare Programme at the Gulf Research Centre in Cambridge, UK. Alongside his medical achievements, Dr. Alawi has considerable cross functional experience in international Fortune 500 & FTSE companies, having previously held roles at Royal Philips Electronics and being a recipient of a scholarship from Shell International.  He also has notable connections in the Middle-East having previously worked within the Omani Government and co-founded RAY International LLC, which is part of the leading RAY International Group. As well as being part of the Scientific Advisory Committee, Dr. Al-Alawi is WideCells Group Managing Director of MENA and Asia-Pacific.

 

Dr. Niranjan Bhattacharya is a leading Obstetrician and Gynaecologist in Kolkata, India, who has won several industry awards and was named one of the top five cord blood industry influencers by market researcher, BioInformant.  He has worked in hospitals and advised on various medical and health boards for over 30 years.  Through his research into various aspects of pregnancy and the developing foetus, he learnt about other uses for pregnancy specific biological substances, including the use potential of cord blood; subsequently he founded a new Department of Regenerative Medicine and Translational Science at the Kolkata school of Tropical Medicine, India (www.stmkolkata.org) in April 2012.  He has written extensively on the topic of cord blood and presented at leading institutions worldwide, including Harvard, University of London, University of Glasgow, and Chinese University of Hong Kong.   He is currently pioneering highly innovative research projects, such as the use of foetal cell and tissue therapy in degenerative disease; placental umbilical cord blood as an emergency substitute of adult whole blood and; the role of amniotic fluid as a burn dressing.

 

Dr. Richard Shaffer is a consultant in Clinical Oncology at St Luke’s Cancer Centre, Guilford, and Clinical Lead for Radiotherapy Innovation at GenesisCare UK.   Prior to this he was Specialist Registrar in Clinical Oncology at Charing Cross Hospital, University College London Hospital, and Royal Free Hospital Hampstead, London, and most recently was a Clinical Fellow in Radiation Oncology at the British Columbia Cancer Agency, Vancouver.  He is chair of numerous biotech and development groups spanning several medical fields including cancer, oncology and radiotherapy.

 

Appointment of WG Partners (www.wgpartners.co.uk)

WG Partners is a specialist boutique that supports healthcare and life science companies across the globe with corporate advisory, M&A and capital raising services.  As a leading advisor in the sector, with significant institutional reach, clients of WG Partners include well-known companies in the sector such as BTG plc and Oxford Biomedica and a large number of other exciting biotech growth companies in the UK, Europe and Australia.  WideCells Group is delighted to be represented by WG Partners, as it looks to build its presence amongst the institutional investment community.

 

 

WideCells Group CEO, João Andrade, said, “Having listed WideCells Group in July 2016 we have delivered on our ambition to create an end-to-end stem cell service that transforms the way the industry as a whole operates by making access to treatment affordable and unrestrained by geography.  With three divisions now operational and starting to generate revenues, we are about to embark on a new period of growth and development as we look to build our operational reach on an international scale, increase our client base, and ultimately transform the value profile of our company.  To achieve this, we are delighted to have completed several planned corporate changes to ensure we are best positioned for growth.

 

“We have welcomed three new board members, who bring a wealth of corporate knowledge and experience in the insurance, medical and financial industries, which will be invaluable to us as we target new markets and seek new commercial agreements to facilitate the roll-out of our stem cell services.  To support this new Board, and in line with our commitment to maintaining operational excellence and being at the fore of our field, we have also created a new Scientific Advisory Committee, which brings together some of the best brains in stem cell technology and regenerative medicine.  The committee’s unrivalled knowledge and prestigious network of contacts will I believe provide us with a number of exciting growth opportunities.

 

“Whilst we are delighted to welcome new team members, we are sad to say goodbye to Graham Hine, who has retired from his Board role.   We are incredibly grateful for the commitment he has shown our company and wish him the best in his future endeavours.

 

“Finally, we are delighted to be working with WG Partners, a leading specialist player in the life sciences sector, with a proven track record of raising the institutional profile of its clients.  We very much look forward to working with WG Partners, together with our new Board and Scientific Advisory Committee to maximise the future opportunities ahead.”

 

Further Information

 

Mr. Peter Presland, aged 67, has held the following directorships or partnerships in the past 5 years.

 

Current Directorships Past Directorships
Redx Pharma plc East Kent Hospitals University Foundation NHS Trust
Beautiful Information Limited John Holman & Sons Limited
GB Advisory Limited t/a R & B Underwriting Safe Computing Limited
Mainvalley Limited Safe Emcom Services Limited
Rookhill Limited Saber Analytics Limited
Clausegate Limited SCH 2014 Limited
Intersoftware Recruitment Solutions Limited
AHL Management Limited
Topaz Support and Maintenance Limited
Topaz Computer Systems Limited
Safe Computing Holdings Limited
Xuper Limited
Total Objects Limited

 

Mr. Presland holds no securities in WideCells Group.

 

Except as disclosed in this announcement, neither the Company or Mr. Presland are aware of any further disclosures that are required in respect of the appointment of Mr. Peter Presland under Listing Rules 9.6.11 and 9.6.13.

 

 

Mr. Malcolm Glaister, aged 49, has held the following directorships or partnerships in the past 5 years.

 

Current Directorships Past Directorships
FSPartners LLP None
Farm Street LLP
Eight Great Technologies GP Limited
8GT Partners Limited
Deer Creek Services Limited
Willant Trust Limited
Base Security Solutions Limited
Ramster Smokehouse Limited
Ramsnest Community Broadband Limited
Trinitas Services Limited
Trinity House Events Limited
Ramster Smokehouse Limited
Sirius Constellation Ltd
The Maiden CT Company
Farm Street Partners Ltd

 

Mr. Glaister holds no securities in WideCells Group.

 

Except as disclosed in this announcement, neither the Company or Mr. Glaister are aware of any further disclosures that are required in respect of the appointment of Mr. Malcolm Glaister under Listing Rules 9.6.11 and 9.6.13

 

 

Mr. Zakaria Aziz, aged 50, has held the following directorships or partnerships in the past 5 years.

 

Current Directorships Past Directorships
Warisan Wira Services None
Terratech Earth Solutions
White Apex Trading Limited
Aquamarine Investment Partners
Bell Holding Limited
Euro Poles Middle East LLC
RAY Group of Companies
Bell Aziz Holding Limited

 

Mr. Aziz holds no securities in WideCells Group.

 

Except as disclosed in this announcement, neither the Company or Mr. Aziz are aware of any further disclosures that are required in respect of the appointment of Mr. Zakaria Aziz under Listing Rules 9.6.11 and 9.6.13

 

**ENDS**

 

For further information, please visit the Company’s website www.widecellsgroup.com, follow us on Twitter @WideCells_Group or contact:

 

WideCells Group CEO – João Andrade Tel:  +351 919 033 171
Smaller Company Capital Limited Broker – Jeremy Woodgate & Rupert Williams Tel: +44 (0) 20 3651 2912
Shard Capital Partners LLP Broker – Damon Heath & Erik Woolgar Tel: +44 (0) 20 7186 9950
WG Partners LLP Broker – David Wilson, Claes Spång and Andrew Craig Tel: +44 (0)203 705 9320
St Brides Partners Limited PR – Charlotte Page & Olivia Vita Tel: +44 (0) 20 7236 1177

 

Notes to Editors

 

WideCells Group PLC

WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments accessible and affordable.  In June 2017, the Group was ranked as the 21st most disruptive company globally by DISRUPT 100, an annual index celebrating the businesses with the most potential to influence, change or create new global markets.

 

The Group has three divisions:

  • CellPlan: the world’s first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process.
  • WideCells: The Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Centre to focus on stem cell research and regenerative medicine. WideCells also has international cryogenics divisions specialising in stem cell storage.
  • Wideacademy:: developing an education and training division to promote awareness of the benefits of stem cell storage across the global general practice community.

 

The Group has built an experienced senior management team that has been integral to the development of its growth and business to date.

 

Stem Cell Fast Facts:

  • Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families due to it being simple, safe and painless to collect relative to other sources of stem cells such as bone marrow – WideCells will focus on promoting the collection and storage of cord blood.
  • Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells.
  • 82 illnesses can currently be treated using stem cell procedures.
  • Despite initial storage often costing no more than a few £thousand, actual treatment can cost in the £hundreds of thousands

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

 

This information is provided by RNS

The company news service from the London Stock Exchange

Amryt Pharma – Appoints Vice President of Global Distributor Markets

LONDON (Alliance News) – Rare disease-focused biopharmaceutical firm Amryt Pharma PLC said Wednesday that it has appointed Patrick Jordan as vice president of Global Distributor Markets.

Jordan’s most recent executive role was as assistant vice president and managing director for Saudi Arabia at US pharmaceutical company Merck & Co Inc, known as MSD outside the US and Canada, for a year from November 2015 to November 2016.

He was a part of MSD in several roles from 2010 to 2016, including that of regional director for Eastern Europe and North Africa and prior to that Jordan was part of US pharmaceutical firm Pfizer Inc for five years from 2005 to 2010.

“I am delighted to welcome Patrick to our senior management team as Vice-President of Global Distributor Markets. He takes up a new role at Amryt, which reflects the progress we are making as we focus on our expanding opportunities across global markets,” said Chief Executive Officer Joe Wiley.

“Patrick’s role includes supporting Amryt’s recently announced entry into the Kingdom of Saudi Arabia, as well as our planned expansion into new territories in Central & Eastern Europe, Middle East, North Africa, and beyond,” Wiley added.

Shares in Amryt Pharma were up 0.1% at 20.02 pence on Wednesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Horizonte Minerals Plc – Acquisition of Vermelho Nickel-Cobalt Project from Vale and Conditional Placing to Raise Up To £8.5m

19th Dec 2017 – Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (“Horizonte” or the “Company”) the nickel development company focused in Brazil, is pleased to announce that it has reached an agreement with Vale S.A (“Vale”) to acquire (the “Acquisition”) 100% of the advanced Vermelho nickel-cobalt project in Brazil (“Vermelho”). In addition the Company is pleased to announce a conditional placing (the “Placing”) of ordinary shares in the Company (the “Placing Shares”) in the U.K. and Canada to raise up to £8.5 million (before expenses) at 3.5p per Placing Share.

 

Highlights

 

  • Vermelho was approved by Vale in 2005 with nameplate annual production capacity of 46,000 tonnes of nickel and 2,500 tonnes of cobalt;

 

  • The combination of Horizonte’s 100% owned Araguaia and Vermelho nickel projects creates one of the leading nickel development companies globally;

 

  • The Vermelho project has a high grade scalable mineral resource with over 1 million tonnes of contained nickel and 43,000 tonnes of contained cobalt*;

 

  • Feasibility study completed by Vale (the “Vermelho Feasibility Study”): all data was acquired as part of the transaction and can be used in future studies;

 

  • Total acquisition cost of US$8.0 million. Initial cash payment of $150,000 upon signing, and US$1,850,000 due on the second anniversary with the balance payable on sale of first commercial product; and,

 

  • Conditional placing to raise £7 million in the U.K. and up to £1.5m in Canada to fund the Vermelho acquisition, Preliminary Economic Assessment (PEA) for Vermelho, commence early works engineering and advance permitting at Araguaia with the objective of being construction ready late H2 2018.

 

Horizonte CEO Jeremy Martin said“I am delighted to announce the acquisition of Vermelho which transforms Horizonte into a multi-asset company bringing together two large, advanced nickel assets located in an established mining region in the Para State northern, Brazil. The Vermelho project also contains a large cobalt resource which Vale planned to process alongside the nickel, which gives Horizonte exposure to an additional commodity stream, in light of the growing interest in both cobalt and nickel for use in the Electric Vehicle battery market.” 

 

“This transaction is one of those rare opportunities that benefits from having had a full Feasibility Study completed by one of the world’s leading mining groups. The acquisition is the latest, and largest, transaction following Horizonte’s successful strategy of discovering, consolidating and acquiring nickel resources at low points in the commodities cycle and adding value to position ourselves as the leading nickel development company. We have been able to negotiate the acquisition of the project for US$8m, with US$2m up front in cash and the balance paid on first commercial sale of product, and we consider this transaction offers compelling value for shareholders.”

 

This acquisition comes at an exciting time for Horizonte. The Araguaia nickel project moves towards completion of the Feasibility Study due in Q1 2018, with the construction permits due mid-2018. These corporate developments sit against a backdrop of improving nickel market fundamentals, driven by the robust market for stainless steel combined with the fast growing Electric Vehicle market focused on nickel and cobalt.”

 

The Vermelho nickel project

 

The Vermelho nickel project is located approximately 85km from the northern part of Horizonte’s Araguaia project located south of the Carajás mining district the state of Pará, Brazil. The Carajas district is an established mining region with well-developed infrastructure in place, including rail, roads and hydro-electric power.

 

The Vermelho project was developed by Vale with the objective of becoming its principal nickel-cobalt operation. Extensive work was undertaken on the project, which included drilling programmes totalling 152,000 metres, full scale pilot test work and detailed engineering studies. The project was subsequently taken through a feasibility programme with Vale announcing a positive development decision in 2005. The project was designed around the construction of a high pressure acid leaching plant (HPAL) to process the nickel/cobalt laterite ore. The Feasibility Study included a five-year metallurgical test work and pilot plant programme which delivered 96% average leaching extraction rates of nickel and cobalt, in addition LME grade nickel – cathode was produced. The Feasibility Study showed production capacity of 46,000 tons/annum (“tpa”) of metallic nickel, and 2,500 tpa of metallic cobalt, with an expected commercial life of 40 years.  Vermelho was subsequently placed on hold after delivery of the FS upon an internal review.

 

 

A historical Mineral Resource estimate for Vermelho prepared by the Snowden Group at a 0.90% nickel cut-off in May 2005 is presented in Table 1 below.

 

Table 1 Historical Mineral Resource Estimate for Vermelho*

 

Resource Category Tonnage (kt) Contained Ni metal (Kt) Contained Co metal (kt) Ni (%) Co (%) Fe (%) MgO (%) SiO2 (%)
Measured 83,355 1,033 41.7 1.24 0.05 20.02 13.41 40.01
Indicated 2,721 31 1.6 1.15 0.06 18.49 8.96 47.63
Measured + Indicated 86,076 1,065 43.3 1.24 0.05 19.97 13.27 40.25
Inferred 1,959 23 0.8 1.17 0.04 16.29 16.78 40.04

 

 

*Vermelho mineral resource data is historic in nature and based on the report titled Niquel do Vermelho Project – Supplemental Mining and Resource Work report prepared for Vale with respect to Vermelho in May 2005 by the Snowden Group. A “qualified person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimates as a current mineral resource or mineral reserve. A review by the Company has indicated that the data preparation has been undertaken according to industry best practices and that the historical estimate has provided an approximate basis for analysis conducted to date.

 

Transaction Details

 

The terms of the Acquisition require Horizonte to pay an initial cash payment of US$150,000 with a further US$1,850,000 in cash payable on the second anniversary of the signing of the asset purchase agreement. A final payment of US$6,000,000 in cash is payable by Horizonte within 30 days of first commercial sale of product from Vermelho.

 

In addition to the purchase price, the Company has granted a 1% Net Smelter Royalty (“NSR”) to Vale on any nickel produced during the first 10 years of commercial production up to a maximum of 15,000 t/a, which then reduces to a 0.5% NSR thereafter.

 

As part of the acquisition of the Vermelho project, the Company will acquire Vale’s rights under a mining licence application in respect of the project comprising an area covering 2,000 hectares. Further development of the Vermelho project will be subject, amongst other things, to the Company being granted the required mining licence and other customary licences and permits.

 

 

 

 

Details of the Placing

 

The Company has today announced that it has conditionally agreed to raise £7 million, before expenses, through a conditional placing by Numis Securities Ltd. (“Numis”) in the U.K. of 200,000,000 Placing Shares at the Placing Price (the “UK Placing“). In addition, the Company will seek to place up to 42,857,143 Placing Shares at the Placing Price in Canada by way of a non-brokered private placement to raise gross proceeds of up to £1.5m, subject to Admission (as defined below), TSX Approval (as defined below), and receipt by Horizonte of payment and completed subscription agreements from Canadian subscribers (the “Canadian Offering“). The Placing Shares issued under the UK Placing will represent 14.6 per cent. of the Company’s issued ordinary share capital immediately upon completion of the UK Placing. A further announcement will be made in due course in relation to the outcome of the Canadian Offering.  NRG Capital and Paradigm Capital are acting as financial adviser in connection with the Placing

 

The Placing Agreement

 

Pursuant to the terms of the placing agreement between the Company and Numis (the “Placing Agreement”), Numis, as agent for the Company, has conditionally agreed to use its reasonable endeavours to procure subscribers for 200,000,000 Placing Shares. Numis has conditionally placed such Placing Shares at the Placing Price. The Placing is conditional inter alia upon the admission of such Placing Shares to trading on AIM (“Admission”) becoming effective and to the Company having received the conditional approval of the TSX to the admission of such Placing Shares to trading on TSX (“TSX Approval”), by no later than 8.00 a.m. on 22 December 2017 (or such time and date as the Company and Numis may agree, being not later than 8.00 a.m. on 29 December 2017). The Placing is not being underwritten.

 

The Placing Agreement contains customary warranties from the Company in favour of Numis in relation to, inter alia, the accuracy of the information in this announcement and other matters relating to the Horizonte group and its business. In addition, the Company has agreed to indemnify Numis in relation to certain liabilities it may incur in respect of the Placing. Numis has the right to terminate the Placing Agreement in certain circumstances prior to Admission, in particular, in the event of a breach of the warranties given to Numis in the Placing Agreement, the failure of the Company to comply with any of its obligations under the Placing Agreement and the occurrence of a force majeure event.

 

The completion of the UK Placing is not conditional upon the completion of the Canadian Offering and completion of the Canadian Offering will not be conditional upon the completion of the UK Placing.

 

Settlement and dealings

 

The Placing is being conducted under existing authorities to allot shares and as such there is no requirement for approval at a general meeting.

 

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission of 200,000,000 of the Placing Shares placed under the UK Placing will become effective and dealings in such Placing Shares will commence at 8.00 a.m. on 22 December 2017. The issuance and admission to AIM of up to 42,857,143 Placing Shares that may be placed pursuant to the Canadian Offering would occur in early January 2018 and an appropriate announcement will be made in due course.

 

The Placing Shares will, when issued, rank pari passu in all respects with the ordinary shares of the Company that are issued and outstanding (the “Existing Shares”) including the right to receive dividends and other distributions declared following Admission.

 

Appointment of Broker

 

Concurrent with the financing, the Company is pleased to announce the appointment of Numis as its broker with immediate effect.

 

Canadian Securities Law and TSX Matters

Any participation by directors or officers of the Company, any insider or subsidiary of the Company or a person or company that beneficially owns or controls, directly or indirectly, 10% or more of the Existing Shares (an “Insider”) in the Placing will be considered a ‘related party transaction’ pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely upon the exemptions in sections 5.5(a) and 5.7(a) of MI 61-101 from the requirements to obtain a formal valuation and minority shareholder approval in connection with any Insider’s participation in the Placing, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Placing Shares, insofar as it will involve Insiders, will exceed 25% of the Company’s market capitalization (calculated in accordance with MI 61-101).

 

The Company expects to rely upon section 602.1 of the TSX Company Manual in connection with the Placing, which exempts the Company from, among other things, obtaining shareholder approval under sections 604(a)(ii) and 607(g)(ii) of the TSX Company Manual, on the basis that the Placing is being completed in accordance with the standards of AIM and the volume of trading of the Ordinary Shares on all Canadian marketplaces in the 12 months immediately preceding the date of the application by the Company to the TSX for conditional approval of the Placing was less than 25%.

 

Total Voting Rights

 

Following completion of the UK Placing and Admission of the 200,000,000 Placing Shares issued pursuant to the UK Placing, the Company’s issued share capital will comprise 1,371,934,300 ordinary shares of the Company, all carrying voting rights. This figure (1,371,934,300) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

For further information visit www.horizonteminerals.com or contact:

 

Contacts:

Horizonte Minerals plc

Jeremy Martin (CEO) / David Hall (Chairman)

+44 (0) 20 7763 7157

 

Numis Securities Limited (Broker to the Placing)

John Prior/James Black/Paul Gillam

+44 (0)207 260 1000

 

finnCap Ltd (NOMAD & Joint Broker)

Christopher Raggett/ James Thompson /

Anthony Adams / Emily Morris

+44 (0) 20 7220 0500

 

Shard Capital (Joint Broker)

Damon Heath / Erik Woolgar

+44 (0) 20 7186 9952

 

Tavistock (Financial PR)

Jos Simson / Barney Hayward

+44 (0) 20 7920 3150

 

 

About Horizonte Minerals:

 

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajás mineral district of northern Brazil. The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by 2021.

 

The Project has good infrastructure in place including rail, road, water and power.

 

Horizonte has a strong shareholder structure including Teck Resources Limited 17.9%, Richard Griffiths 10.9%, Lombard Odier Asset Management (Europe) Limited 10.4%, Hargreave Hale 8.6%, JP Morgan 8.4%, and Glencore 6.4%. 

 

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, the ability of the Company to complete the Acquisition as described herein, statements with respect to the potential of the Company’s current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the ability of the Company to complete the Placing as described herein, and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the inability of the Company to complete the Acquisition as described herein, exploration and mining risks, competition from competitors with greater capital; the Company’s lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company’s future payment obligations; potential disputes with respect to the Company’s title to, and the area of, its mining concessions; the Company’s dependence on its ability to obtain sufficient financing in the future; the Company’s dependence on its relationships with third parties; the Company’s joint ventures; the potential of currency fluctuations and political or economic instability  in countries in which the Company operates; currency exchange fluctuations; the Company’s ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company’s plans to continue to develop its operations and new projects; the Company’s dependence on key personnel; possible conflicts of interest of directors and officers of the Company, the inability of the Company to complete the Placing on the terms as described herein, and various risks associated with the legal and regulatory framework within which the Company operates.

 

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

 

This information is provided by RNS

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