TIDMADT1
RNS Number : 2147B
Adriatic Metals PLC
29 January 2020
AMENDMENT TO CONCESSION AGREEMENT SECURES PRECIOUS METAL
RIGHTS
HIGHLIGHTS
-- Annex 4 to Concession Agreement with Zenica-Doboj Canton
confirms rights to Gold, Silver and Copper.
-- Removes potential requirement to commence Exploitation by May 2020
Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the
"Company") is pleased to announce that it has entered into Annexure
4 to its Concession Agreement with the Ministry of Economy for
Zenica-Doboj Canton.
The Concession Agreement, entered into by Adriatic's 100% owned
subsidiary, Eastern Mining d.o.o, is the primary document granting
mineral rights at Veovaca and Rupice. Despite the Federal Mining
Code granting mineral rights to all metals and minerals contained
in the Reserves Elaborat, which was approved in April 2019 as
announced on 4 April 2019, at the time the Concession Agreement was
entered into in 2013, the historical information available for the
Vares project did not include a sufficient number of assays for
gold, silver or copper, and as such the Concession Agreement only
referred specifically to lead, zinc and barite.
Since acquiring the Eastern Mining d.o.o. in 2017, Adriatic has
identified significant resources of precious metals at both Veovaca
and Rupice, as set out in the mineral resource estimates announced
on 23 July 2019, and the changes included in Annex 4 remove all
legal ambiguity between the two levels of government regarding the
mineral rights.
In addition to the above changes, Annex 4 of the Concession
Agreement removes the requirement to commence exploitation by May
2020, aligning the procedures contained within the Federal Mining
Code, to the commercial terms of the Concession Agreement with the
Canton.
These changes also include an amendment to the Minimum Annual
Concession Fee from the current level BAM 1.50 (EUR 0.77) to BAM
3.90 (EUR1.99) per tonne Run of Mine (ore into plant), increasing
the payment from the date exploitation is granted but prior to
commencement of production, to EUR199,325 per annum from the
current level of EUR76,663 per annum.
Paul Cronin, Adriatic's Managing Director and CEO commented,
"The amendments to the Concession Agreement negotiated by our team
in Bosnia remove all potential doubt regarding mineral rights and
royalty payments on precious metals and better aligns the
permitting process in both levels of government, demonstrating a
clear determination by Zenica-Doboj Canton to advance the Vares
project to production".
For further information please visit www.adriaticmetals.com,
@AdriaticMetals on Twitter,
or contact:
Adriatic Metals Plc Tel: +44 (0)20 7993 0066
Paul Cronin / Emma Chetwynd Stapylton
Blytheweigh (IR/PR Contact) Tel: +44 (0)20 7138 3204
Camilla Horsfall / Megan Ray
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. The person
responsible for arranging the release of this announcement on
behalf of the Company is Paul Cronin, Managing Director and
CEO.
LEI: 549300OHAH2GL1DP0L61
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the
"Company") is a dual listed (ASX and LSE) precious and base metals
explorer and developer via its 100% interest in the Vareš Project
in Bosnia & Herzegovina. The Project comprises a historic open
cut mine at Veovača and brownfield exploration at Rupice, an
advanced proximal deposit which exhibits exceptionally high grades
of base and precious metals. Adriatic's short-term aim is to expand
the current JORC resource at high-grade Rupice deposit, as well as
conduct exploration on a number of other prospects within the
expanded Concession. Adriatic has attracted a world class team to
expedite its exploration efforts and to rapidly advance the Company
into the development phase and utilise its first mover advantage
and strategic assets in Bosnia.
DISCLAIMER:
News releases, presentations and public commentary made by
Adriatic Metals Plc (the "Company") and its directors may contain
certain statements and expressions of belief, expectation or
opinion which are forward -looking statements, and which relate,
inter alia, to interpretations of exploration results to date and
the Company's proposed strategy, plans and objectives or to the
expectations or intentions of the Company's directors. Such
forward-looking and interpretative statements involve known and
unknown risks, uncertainties and other important factors beyond the
control of the Company that could cause the actual performance or
achievements of the Company to be materially different from such
interpretations and forward-looking statements.
Forward-looking statements are statements that are not
historical facts. Words such as "expect(s)", "feel(s)",
"believe(s)", "will", "may", "anticipate(s)", "potential(s)"and
similar expressions are intended to identify forward-looking
statements. These statements include, but are not limited to
statements regarding feasibility, future production, resources or
reserves and exploration results. All of such statements are
subject to certain risks and uncertainties, many of which are
difficult to predict and generally beyond the control of the
Company, that could cause actual results to differ materially from
those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include,
but are not limited to: (i) those relating to the interpretation of
drill results, the geology, grade and continuity of mineral
deposits and conclusions of economic evaluations, (ii) risks
relating to possible variations in reserves, grade, planned mining
dilution and ore loss, or recovery rates and changes in project
parameters as plans continue to be refined, (iii) the potential for
delays in exploration or development activities or the completion
of feasibility studies, (iv) risks related to commodity price and
foreign exchange rate fluctuations, (v) risks related to failure to
obtain adequate financing on a timely basis and on acceptable terms
or delays in obtaining governmental approvals or in the completion
of development or construction activities, and (vi) other risks and
uncertainties related to the Company's prospects, properties and
business strategy. Our audience is cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date hereof, and we do not undertake any obligation to revise
and disseminate forward-looking statements to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of or non-occurrence of any events.
Although 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 information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking information and, save as required by the exchange rules of
the ASX and LSE or by applicable laws, the Company does not accept
any obligation to disseminate any updates or revisions to such
interpretations or forward-looking statements. The Company may
reinterpret results to date as the status of its assets and
projects change over time with additional expenditure, studies,
commodity prices and other affecting circumstances.
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.
END
AGRPPUCPGUPUGMR
(END) Dow Jones Newswires
January 29, 2020 02:00 ET (07:00 GMT)
Grafico Azioni Adriatic Metals (LSE:ADT1)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Adriatic Metals (LSE:ADT1)
Storico
Da Apr 2023 a Apr 2024
