TIDMPXC
RNS Number : 9521Z
Phoenix Copper Limited
16 January 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
16 January 2020
Phoenix Copper Limited (the "Company" or "Phoenix")
Board changes
Phoenix Copper Limited (AIM: PXC; OTCQX: PGMLF), the AIM quoted
North American focused base and precious metals exploration and
development company, is pleased to announce that Ryan McDermott,
Chief Operating Officer, has been appointed Chief Executive Officer
("CEO") of the Company with immediate effect. Dennis Thomas steps
down from the role of CEO to serve as a Non-executive Director and
VP of Investor Relations.
Marcus Edwards-Jones, Chairman, commented:
"We expect 2020 to be a significant year for the Company as we
move from exploration and evaluation into project development,
construction and production, which is anticipated in 2021. Ryan's
appointment reflects this change in operational emphasis and our
clear focus on expediting the timeframe to production from the
Empire project in Idaho, USA. We will target initial production
from the high-grade silver / lead deposit at Red Star, which our
drilling programme discovered in late 2018, followed by the Empire
open pit copper deposit as soon as feasible after that. Ryan's
existing role as CEO of our Idaho registered operating
subsidiaries, his proven mine development and operating experience,
and his excellent local contacts and knowledge, will be invaluable
to this process.
"I would like to thank Dennis for his enormous contribution to
date, and we are delighted that he remains with the Company as a
Non-executive Director and VP of Investor Relations, a role which I
know he will fulfil with his usual energy and enthusiasm.
"We look forward to providing shareholders with further updates
regarding progress at Red Star as we prepare the deposit for
construction finance and economic development."
Ryan Kelly McDermott has 27 years' experience in mining and
mineral exploration for base and precious metals. During this time,
he has notably worked for Sovereign Exploration/Plexus, Kinross
Gold Corp, Echo Bay Minerals, SECOR International Inc, and
Kleinfelder West Inc. Ryan has held various senior positions in his
career including Operations Manager and Chief Geologist for Gold
Hill Mining, Director of Mining Operations for an Idaho based
private investment group, Geotechnical Engineering Manager at
Kleinfelder West, Inc and General Manager of US Ecology Idaho.
Ryan has led the teams responsible for the permitting,
development, and operation of open pit and underground mining
projects in the Western United States and South America. During his
time with Kinross Gold he was a member of the team responsible for
project development and technical services for projects in North
and South America, Russia and Africa. Ryan and his Gold Hill team
successfully permitted a gold operation in Boise County, Idaho.
Ryan is a graduate of Idaho State University where he received a
Bachelor of Science degree in Geology.
With significant regional experience, Ryan brings the necessary
skills and experience required for the ongoing development,
construction and production at the Empire Project.
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.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Limited Dennis Thomas / Richard Wilkins Tel: +44 7827
290 849 (Dennis)
/
+44 7590 216 657
(Richard)
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser) 0470
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Broker) 5000
----------------------------------- ------------------
Medea Natural Resources Leonidas Howden / Fred White Tel: +44 20 7770
Ltd (Financial Adviser) 6926
----------------------------------- ------------------
Blytheweigh Megan Ray / Rachael Brooks Tel: +44 20 7138
(Financial PR) / Said Izagaren 3204
----------------------------------- ------------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, which is fast-tracking the
historically-producing Empire Mine in Idaho, USA, back into
production, and exploring for cobalt in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2019.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
At Empire, it is estimated that less than 1% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration.
More details on the Company, its assets and its objectives can
be found on PXC's website at www.phoenixcopperlimited.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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