Alexander Mining plc

AXM
Delayed London Stock Exchange - 07/19 09:41:46 am
0.044GBp
+10%

Alexander Mining : Corporate Update

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07/12/2019 | 04:19 pm

Alexander Mining plc, the AIM-listed mining, minerals and metals processing technology company, is pleased to give this corporate update.

Australia

Accudo Metals Pty Ltd ('Accudo') advises that it is currently working to deploy the licences it holds for Alexander's AmmLeach patented technology ('Leaching Technologies') across more than one project in Australia. Accudo has a licence entitlement for up to five mining projects (each a 'Project') in Australia to use its Leaching Technologies, subject to securing commercial terms with the Project owners.

Accudo has recently submitted indicative bids to acquire or to be the lead partner in a number of Projects.

The Chairman of Accudo, Dr Saliba Sassine, said it was in discussions and negotiations with asset owners or their advisors and is energetically pursuing its options to deploy the Leaching Technologies.

He added 'We have identified several strategic opportunities ranging from projects that have substantial JORC 2012-compliant resources to established and fully permitted mines that are positioned to restart mining and having ores that are potentially amenable to the Leaching Technologies.

'We are in discussions and negotiations with strategic and M&A partners to structure relationships that incorporate funding packages for the Projects under evaluation and bids.'

Deep-South Resources Inc

Under the technology licensing and consultancy agreement between Alexander Mining plc, MetaLeach Limited (collectively, 'Alexander') and Deep-South Resources Inc. ('Deep-South') dated June 27, 2018, Deep-South has acquired a licence to use certain technologies owned by Alexander for the consideration of the issuance of 500,000 common shares in Deep-South (current value approximately GBP30,000) and a royalty of 2.5 per cent. of gross saleable metal products produced from a potential mining operation at the Kapili Tepe polymetallic project in Turkey, if using Alexander's leaching technologies.

Deep-South has issued the shares after receiving TSX Venture Exchange approval.

HyperLeach

Testwork is currently underway on a nickel concentrate from an existing commercial operation. The aim is to leach around 50% of the contained nickel and cobalt and produce a mixed sulphide precipitate which is free from copper, arsenic and iron. The sulphide will be blended with the leach residue and sold for further processing as a low arsenic material. Analytical results from the initial proof of concept work are expected in the next few weeks.

Lithium research and development

Under the joint venture with Alexander's Principal Technological Consultant, Dr. Nicholas Welham, an acknowledged expert in lithium and hydrometallurgy, the Company has been investigating and discussing potential next steps to follow up on the interesting results announced for a potential new hard rock heap leaching process for the extraction of lithium from hard zinnwaldite rocks.

Corporate

Alexander's board of directors (the 'Board') is pleased that all the resolutions at the annual general meeting and the general meeting of the Company held on 28 June 2019, were duly passed.

The Company now has the ability and flexibility to issue new shares, whether as part of an equity fund-raising or as consideration for the acquisition of new assets, as and when an opportunity may arise which may complement or enhance the Company's business.

The Board has been considering several complementary opportunities of interest in the mining sector.

The Company is pleased to report that it has either paid or has agreed waiver of payment on all amounts outstanding to current and former directors of the Company in respect of deferred payments of directors' fees identified in note 20 and included under Trade and Other Payables (note 14) of the Annual Report and Accounts for the year ending 31 December 2018. The total amount outstanding of GBP300,728 as at 31 December 2018 has been reduced in full to zero.

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

Contact:

Tel: +44 (0) 7770 865 341

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