Capital Metals PLC Additional Strategic Exploration License Granted (2922G)
29 Marzo 2022 - 12:00AM
UK Regulatory
TIDMCMET
RNS Number : 2922G
Capital Metals PLC
29 March 2022
29 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Capital Metals plc
("CMET" or the "Company")
Additional Strategic Exploration License Granted
Highlights
-- New Exploration Licence granted due North of current project
-- Additional 24km(2) of prospective ground
Capital Metals plc (AIM:CMET), a natural resources company
focused on the development of the Eastern Minerals Project located
in the Eastern Province in Sri Lanka ("the Project"), one of the
highest-grade mineral sands projects globally, is pleased to
announce the issue of an additional exploration license ("EL") to
further extend the Eastern Minerals Project 12 km to the north,
including the Oluvil Port.
The Company's wholly owned subsidiary Damsila Exports (Pvt) Ltd
has been granted a new EL, which is an extension from the northern
boundary of the current Project and provides a further 12 km length
of contiguous coverage over a total area of 24 km(2). The EL
contains areas prospective for further mineral sands resources,
which have been identified for follow up drilling later this
year.
The EL has been granted by the Geographical Survey and Mines
Bureau of Sri Lanka ("GSMB") which is also the government authority
tasked with issuing the Company's first Industrial Mining License.
The EL has been granted for an initial period of 2 years but can be
renewed up to 4 times for a potential term of 10 years.
The map of the Project Licenses can be found via the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/2922G_1-2022-3-28.pdf
Michael Frayne, Chief Executive Officer commented:
"Obtaining the additional exploration license is a great
achievement and shows that Sri Lanka is well and truly open for
business following delays as a result of Covid-19. We worked
closely with the GSMB to obtain this licence and are encouraged
that they are getting back to being fully operational as they are
also the authority that will grant our Industrial Mining
Licence.
"We are very excited to add this licence to our exploration
portfolio and look forward to drilling identified areas on it later
this year."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc James.mahony@capitalmetals.com
Michael Frayne (CEO)
James Mahony (CFO)
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0) 20 3368 3554
WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell +44 (0) 20 7220 1666
Tavira Securities Limited (Joint
Broker)
Jonathan Evans / Oliver Stansfield +44 (0) 20 7100 5100
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END
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