TIDMPGM
RNS Number : 9349S
Phoenix Global Mining Ltd
14 March 2019
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
14 March 2019
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Director Dealing
Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted North
American-focused base and precious metals exploration and
development company, has been informed that Andre Cohen, a
Non-Executive Director of the Company, purchased 20,000 shares in
the Company on 13 March 2019 at a price of 16.4 pence per
share.
Following completion of the share purchase, Andre Cohen and his
wife hold 272,809 shares in the Company which represents 0.71 per
cent. of the issued share capital and total voting rights of the
Company.
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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Andre Cohen
----------------------------------------- ----------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- ----------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name: Phoenix Global Mining Ltd
----------------------------------------- ----------------------------------
b) LEI: 2138006UWPZAB1A75680
----------------------------------------- ----------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the financial instrument, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- ----------------------------------
b) Nature of the transaction: Purchase of shares
----------------------------------------- ----------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
16.4
pence 20,000
----------
----------------------------------------- ----------------------------------
d) Aggregated information: Single transaction as in
Aggregated volume: 4 c) above Price(s) Volume(s)
Price: 16.4
pence 20,000
----------------------------------------- ----------------------------------
e) Date of the transaction: 13 March 2019
----------------------------------------- ----------------------------------
f) Place of the transaction: AIM
----------------------------------------- ----------------------------------
For further information please visit www.pgmining.com or
contact:
Phoenix Global Mining Dennis Thomas / Richard Wilkins Tel: +44 7827
Ltd 290 849 (Dennis)
/
+44 7590 216 657
(Richard)
SP Angel Lindsay Mair / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser 0470
and Joint Broker)
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- ------------------
Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
----------------------------------- ------------------
RB Milestone Group Trevor Brucato Tel: +1 203 487
(Unites States Consultant) 2981
----------------------------------- ------------------
Notes
Phoenix's flagship project is a brownfield, past producing,
copper, gold, silver, zinc and tungsten underground mine, the
Empire Mine near Mackay in Idaho. Phoenix acquired an 80% interest
in the property in 2015. Based on a total of 315 drill holes a NI
43-101 compliant oxide resource was completed in late 2017. A PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018 with a design capacity of 8,000 tonnes of copper
cathode a year. In June 2018 a campaign consisting of RC and
diamond drilling was started. This programme was designed to
upgrade and increase the oxide reserves, provide samples for
ongoing metallurgical testwork, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. At the same time the consultants were
appointed to complete a NI 43-101 compliant Bankable Feasibility
Study ("BFS"). The lead consultant is RPM Global who are supported
by Samuel Engineering, both based in Denver, Colorado. Cascade
Earth Sciences of Pocatello, Idaho have been working on
environmental and permitting issues since 2016 and form part of the
BFS team. Golder Associates are designing the heap leach pad and
ponds, and Call and Nicholas are carrying out the open pit slope
stability studies.
At Empire, it is estimated that only 5% to 7% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration; the current resource relates to the oxide resource
only, which remains open along strike and does not include the
deeper, higher grade sulphides. In addition, Phoenix has increased
the claim area from 813 acres at the time of its acquisition to
5,717 acres, mainly to the northwest and west, and in so doing has
increased the potential for additional oxide and sulphide resources
to a total strike length of approximately 5.38-kilometres including
another brownfield mine, the Horseshoe Mine, which is now within
the property boundary and more than 30 historical shafts, adits on
the newly acquired Windy Devil claims.
In 2018 the Company completed 8,604 metres of drilling at
Empire. The analytical and geological data from this 93-hole
drilling program and 106 channel surface sampling programme is
currently being evaluated and modelled in preparation for a Q1 2019
updated resource calculation as part of the ongoing BFS for the
initial open pit mine. Phoenix staff and consultants are
systematically assessing and evaluating the recent data and
incorporating this data into the existing database which includes
all of the information used in the November 2017 resource estimate
and in the April 2018 Preliminary Economic Assessment.
As reported throughout late 2018, mineralised drill hole
intercepts were prevalent in multiple directions outside of the
previously modelled open pit mine, particularly to the north in the
newly discovered Red Star area. The 2018 drilling programme
obtained numerous high-grade interceptions, including grades of
12.05% copper, 20% lead, 5.83% zinc, 2.52 g/t gold and 580 g/t
silver, all of which will be included in an updated resource
estimate expected in Q1 2019. Known mineralisation now covers a
strike length of 5.38 kilometres within the Company's claim block.
The April 2018 pit design covered 1.0 kilometres of this. The
Company continues to believe that the Empire Mine Project and the
surrounding claims holdings represents a major mineralised
system.
The Company also holds two prospective cobalt properties in
Idaho, US, which are located north of the Empire Mine. These are
situated close to the town of Cobalt and are close to projects
being advanced by Canadian junior miners, including eCobalt
Solutions and First Cobalt. Fieldwork, consisting of mapping and
sampling and locating drill holes for the 2019 drilling programme,
has been completed.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal, precious
metal and cobalt production company, offering exposure to three
high value and high demand metals with compelling demand/supply
fundamentals.
More details on the Company, its assets and its objectives can
be found on PGM's website at www.pgmining.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.
END
DSHKMGMFKDKGLZM
(END) Dow Jones Newswires
March 14, 2019 11:58 ET (15:58 GMT)
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