Tri-Star Resources PLC SPMP Operational Update (1986G)
22 Luglio 2019 - 08:00AM
UK Regulatory
TIDMTSTR
RNS Number : 1986G
Tri-Star Resources PLC
22 July 2019
Tri-Star Resources PLC / AIM: TSTR / Sector: Natural
Resources
22 July 2019
Tri-Star Resources plc ("Tri-Star" or the "Company")
First Antimony metal produced
Tri-Star Resources plc (AIM: TSTR), the minerals processing
company, is pleased to announce that Strategic & Precious
Metals Processing LLC ("SPMP"), owner of an antimony-gold
processing facility in the Port of Sohar Free Zone, located in the
Sultanate of Oman, has produced its first antimony metal. Tri-Star
has a 40% shareholding in SPMP with the other joint venture
partners being The Oman Investment Fund ("OIF") (40% equity holder)
and DNR Industries Limited, part of Dutco Group in Dubai (20%
equity holder).
Following the completion of the remedial works to one of the two
SPMP antimony smelting furnaces ('RF1') and the installation of a
new gas cooling solution, first antimony has been produced at a
purity of 98%. As production increases, this is expected to rise to
in excess of 99.65%, the level required for commercial sale.
With the process proven, SPMP intends to begin the immediate
ramp up of production with and to commence replicating the
successful remedial works conducted at RF1 at the second furnace
('RF2') to reach full production during 2020. The Board is
confident about the demand fundamentals of antimony and looks
forward to the ramp up and commercial sales.
The gold recovery circuit is now also proven and operational. To
date gold concentration in the alloy production remains at testing
rather than commercial levels. As levels increase, the production
will be refined further in order to produce commercial grade gold
dore. This opens up a dual revenue stream opportunity for SPMP.
The Board is also pleased to announce the appointment of Wally
Channon as an advisor to the Company. Wally has an MSc in
metallurgical engineering and has over 40 years' experience
operating and running metal processing plants. Wally's experience
includes 25 years at Anglo American and also at Zimbabwe Platinum
Mines and Shanta Gold.
As previously announced, SPMP has engaged Hannam & Partners
to secure further debt funding. This process is continuing and
further updates will be made in due course.
Adrian Collins, Chairman of Tri-Star commented: "The production
of antimony is a milestone in the history of SPMP and Tri-Star. We
believe the project is coming to fruition and I would like to
congratulate the SPMP team for the work that they have done over
the last 9 months in overcoming the significant technical issues
faced. I look forward to updating the market as the ramp up of
antimony production progresses, production of gold ore increases
and the true value potential of the SPMP project materialises."
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.tri-starresources.com
or contact:
Tri-Star Resources plc c/o SBP
David Facey, CEO/ CFO Tel: +44 (0)20 7236 1177
St Brides Partners (Financial PR) Tel: +44 (0)20 7236 1177
Isabel de Salis/ Priit Piip
--------------------------
SP Angel Corporate Finance (Nominated Tel: +44 (0)20 3470 0470
Adviser)
Robert Wooldridge/Jeff Keating
--------------------------
finnCap Ltd (Broker) Tel: +44 (0)20 7220 0500
Scott Mathieson/Camille Gochez
--------------------------
Notes to Editors:
Tri-Star's principal interest is in an antimony and gold
production facility (the "SPMP Project"). The SPMP Project is based
in Sohar, Sultanate of Oman, and is being developed by Strategic
& Precious Metals Processing LLC ("SPMP"), an Omani company in
which Tri-Star has a 40% equity interest. Tri-Star also has
antimony exploration licenses in Canada which are held for their
potential contribution of feedstock to the SPMP Project.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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