Proactiveinvestors Australia Metminco Limited https://www.proactiveinvestors.com.au Proactiveinvestors Australia Metminco Limited RSS feed en Fri, 21 Jun 2019 03:52:22 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Metminco issues bidder’s statement for merger with Andes Resources ]]> https://www.proactiveinvestors.com.au/companies/news/222375/metminco-issues-bidders-statement-for-merger-with-andes-resources-222375.html Metminco Ltd (ASX:MNC) last night lodged its required bidder’s statement detailing the takeover offer of Andes Resources Limited.

The offer is for 25 Metminco shares for every 1 Andes share, which has been unanimously recommended by the Andes board.

The offer will close at 5.00pm AEST on 23 July 2019, unless extended or withdrawn.

READ: Metminco secures firm commitments to raise $2.3 million to support merger with Andes Resources

In a letter to Andes shareholders, Metminco’s chairman Kevin Wilson said: On behalf of the Directors of Metminco Limited (Metminco), I am pleased to present you with this compelling opportunity to create a leading ASX listed, Colombian focused gold exploration company through the integration of Metminco’s advanced Miraflores Gold Project and Chuscal, Tesorito and other surrounding prospects, with Andes Resources Limited’s (Andes) extensive tenement holding.

“The expanded Metminco will enjoy the benefit of multiple advanced exploration assets and a deep pipeline of exploration opportunities in two richly endowed gold camps.”

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Wed, 19 Jun 2019 09:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222375/metminco-issues-bidders-statement-for-merger-with-andes-resources-222375.html
<![CDATA[News - Metminco secures firm commitments to raise $2.3 million to support merger with Andes Resources ]]> https://www.proactiveinvestors.com.au/companies/news/221338/metminco-secures-firm-commitments-to-raise-23-million-to-support-merger-with-andes-resources-221338.html Metminco Ltd (ASX:MNC) has received firm commitments for a capital raising of $2.3 million at 0.2 cents per share to support its merger with Andes Resources.

The capital raising will include:

• Sandfire Resources NL’s (ASX:SFR) firm intention to subscribe for about $990,000; and
• $1.342 million underwritten by Hartleys Limited

On May 17, 2019 Metminco revealed it had entered an agreement with Andes to merge the two companies and create a leading Colombian gold explorer and developer, with a dominant position in the richly gold-copper endowed Mid-Cauca Gold Belt.

READ: Metminco agrees to binding terms for merger with Andes Resources

A key condition of the merger is that Metminco and Andes collectively raise a total of $4 million in new equity.

Through the combination of this capital raising and the convertible note placement announced on March 15 2019, Metminco has now received firm commitments to raise $3.25 million, subject to completion of the merger and the receipt of the remaining outstanding convertible note amendment deeds.

The balance $750,000 is being raised by Andes through a private placement.

Location of Andes’ and Metminco’s exploration ground

Metminco executive chairman Kevin Wilson said: “The support we have received from Sandfire and the underwriting from Hartleys further secures the proposed Merger with Andes.

“With the commitments received, we are now one significant step closer to completing the proposed Merger and accelerating toward drilling our prized Chuscal Project.

“It is pleasing that despite the currently challenging conditions for raising risk capital for junior resource companies, we have been able to secure commitments to raise $3.25 million at our current market price.

“This demonstrates the strong interest the market has in funding the exploration activities of Metminco given the potential for very significant leverage in the case of drilling success, which we intend to test shortly.”

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Mon, 03 Jun 2019 11:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221338/metminco-secures-firm-commitments-to-raise-23-million-to-support-merger-with-andes-resources-221338.html
<![CDATA[News - Metminco in trading halt as it awaits release of capital raising news ]]> https://www.proactiveinvestors.com.au/companies/news/221182/metminco-in-trading-halt-as-it-awaits-release-of-capital-raising-news-221182.html Metminco Limited (ASX:MNC) is in a trading halt with a capital raising announcement imminent.

The halt will remain in place until the start of normal trading on the ASX on Monday, June 3, or when an announcement is released to the market, whichever occurs earliest.

Metminco has recently been granted exploration licences (ELs) covering the Chuscal Gold Project in Colombia.

READ: Metminco partner granted exploration licences for Chuscal Gold Project

Joint venture partner Anglo Gold Ashanti Colombia SA has signed a concession contract with the Colombian National Mining Agency (ANM) covering two areas of Chuscal.

Metminco’s executive chairman Kevin Wilson said: “The signing of concession contracts for granting of the ELs is a very important step, paving the way for drilling these priority porphyry gold targets.

“Given the transformative impact drilling success could deliver, we are very excited about the diamond drilling program scheduled to commence once the merger with Andes Resources and associated $2.3 million financing is completed, and other necessary permits and approvals are received.”

The signed concession contracts will now be registered with the ANM and the earn-period on the Chuscal JV will then begin.

READ: Metminco agrees to binding terms for merger with Andes Resources

Metminco and Andes Resources Limited have agreed to binding terms for a merger.

The two intend to combine to form a Columbian gold explorer and developer with a dominant position in the Mid-Cauca gold belt.

This merger will bring together Metminco’s advanced Miraflores Gold Project as well as Chuscal, Tesorito and other surrounding prospects with Andes’ extensive tenement holding to create a company with multiple advanced exploration assets.

Chuscal is about 1,700 metres from the proposed Miraflores plant in the Quinchia Gold Project.

Metminco plans a maiden diamond drilling program of around 2,500 metres at Chuscal to test the large outcropping porphyry gold target with epithermal gold overprint.

Securing of permits and approvals along with financing are subject to the merger with Andes, which the company aims to complete in mid-July 2019.

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Thu, 30 May 2019 14:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221182/metminco-in-trading-halt-as-it-awaits-release-of-capital-raising-news-221182.html
<![CDATA[News - Metminco partner granted exploration licences for Chuscal Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/220544/metminco-partner-granted-exploration-licences-for-chuscal-gold-project-220544.html Metminco Ltd (ASX:MNC) has been granted exploration licences (ELs) covering the Chuscal Gold Project in Colombia.

The company’s joint venture partner Anglo Gold Ashanti Colombia SA has signed a concession contract with the Colombian National Mining Agency covering two areas of the Chuscal prospect.

READ: Metminco agrees to binding terms for merger with Andes Resources

Metminco’s executive chairman Kevin Wilson said the granting of the ELs had been much anticipated.

“The signing of concession contracts for granting of the ELs is a very important step in Colombia, paving the way for drilling these priority porphyry gold targets.

“Given the transformative impact drilling success could deliver, we are very excited about the diamond drilling program scheduled to commence once the merger with Andes Resources and associated $2.3 million financing is completed, and other necessary permits and approvals are received.”

Chuscal is around 1,700 metres south of the proposed plant at Miraflores.

The signed concession contracts will now be registered with the ANM and the earn-period on the Chuscal JV will then begin.

Diamond drilling planned

Metminco is planning a maiden diamond drilling program of around 2,500 metres to test the large outcropping Chuscal porphyry gold target with epithermal gold overprint.

Securing of permits and approvals along with financing are subject to the merger with Andes, which the company aims to complete on or around mid-July 2019.

A detailed underground mapping survey is intended once authorisations are obtained.

READ: Metminco enters final stage of exploration licence grant process for Chuscal Gold Project

This information will be combined with magnetic susceptibility measurements on the coarse rejects from multiple phases of geochemical sampling to allow development of a detailed, 3D exploration model.

The detailed model will be used to define structure and mineralisation characteristics to guide drilling.

Chuscal is about 1,700 metres from the proposed Miraflores plant in the Quinchia Gold Project in Colombia’s Mid-Cauca Gold Belt.

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Mon, 20 May 2019 10:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220544/metminco-partner-granted-exploration-licences-for-chuscal-gold-project-220544.html
<![CDATA[News - Metminco agrees to binding terms for merger with Andes Resources ]]> https://www.proactiveinvestors.com.au/companies/news/220470/metminco-agrees-to-binding-terms-for-merger-with-andes-resources-220470.html Metminco Limited (ASX:MNC) and Andes Resources Limited have agreed to binding terms for a merger, combining to form a Columbian gold exploer and developer with a dominant position in the Mid-Cauca gold belt.

The merger brings together Metminco’s advanced Miraflores Gold Project as well as Chuscal, Tesorito and other surrounding prospects with Andes’ extensive tenement holding to create a company with multiple advanced exploration assets.

Location of Andes’ exploration ground and Metminco’s ground

  READ: Metminco in trading halt with capital raising and acquisition news pending

Metminco chief executive chairman Kevin Wilson said: “This transaction is transformational for both Metminco and Andes providing Metminco with further exposure to a large exploration portfolio in the Mid-Cauca gold belt of Columbia.

“The funds to be raised, together with the favourable restructure of our existing repayments to RMB ensures we can accelerate exploration activities on our merged projects.”

Andes’ managing director Jason Stirbinskis added: “With the execution of the BIA, the merger of these two highly complimentary portfolios is a step closer.

READ: Metminco enters final stage of exploration licence grant process for Chuscal Gold Project

“The combination of the two entities creates a company with enhanced scale and an advanced exploration and development portfolio with considerable exploration upside.

“We look forward to establishing Metminco as a leader in gold exploration in Columbia, chasing world-class gold deposits.”

The merger and financing will provide Metminco with:

One of the largest portfolios of gold-copper exploration assets in one of the world’s most richly endowed gold belts;

Funds to conduct a maiden drilling program at Chuscal;

Enhanced ability to advance the Quinchia Gold Project towards a development decision;

An impressive and experienced shareholder base supporting Andes Resources; and

Favourable restricting of the RMB Australia Holdings debt to a combination of equity and deferred residual debt repayments on project milestones.

READ: Metminco raising $1 million ahead of proposed merger with Andes Resources

In support of the proposed merger, Metminco has completed a strongly supported placement of convertible notes to raise $918,000 while Andes is in the process of completing its own working capital placement.

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Fri, 17 May 2019 13:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220470/metminco-agrees-to-binding-terms-for-merger-with-andes-resources-220470.html
<![CDATA[News - Metminco in trading halt with capital raising and acquisition news pending ]]> https://www.proactiveinvestors.com.au/companies/news/220367/metminco-in-trading-halt-with-capital-raising-and-acquisition-news-pending-220367.html Metminco Limited (ASX:MNC) has been granted a trading halt by the ASX with an announcement pending in relation to a capital raising and proposed acquisition.

The trading halt will remain in place until the beginning of trade on Monday, May 20, or when an announcement is made to market, whichever occurs earliest.

READ: Metminco enters final stage of exploration licence grant process for Chuscal Gold Project

In March the company completed the Audiencia Publica (socialisation of the proposed grant of title) for its exploration licence applications at the Chuscal Gold Project in Colombia.

This process was run by the Colombian Mining Authority (ANM) in the municipality of Quinchia and is the final step prior to preparation of the Exploration Licence (EL) contract.

Metminco and its joint venture partner AngloGold Ashanti (NYSE:AU) remain in regular correspondence with ANM regarding the EL granting progress.

The company is earning a 51% interest in the Chuscal project.

READ: Metminco raising $1 million ahead of proposed merger with Andes Resources

Metminco also recently received firm commitments for the issue of unsecured convertible notes to raise up to $1 million for capital requirements as well as progressing a proposed merger with Andes Resources Limited.

The funds will go towards satisfying the proposed $4 million capital raising Metminco intends to undertake in conjunction with Andes, as part of the merger.

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Thu, 16 May 2019 11:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220367/metminco-in-trading-halt-with-capital-raising-and-acquisition-news-pending-220367.html
<![CDATA[News - Metminco enters final stage of exploration licence grant process for Chuscal Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/216799/metminco-enters-final-stage-of-exploration-licence-grant-process-for-chuscal-gold-project-216799.html Metminco Ltd (ASX:MNC) has completed the Audiencia Publica (socialisation of the proposed grant of title) for its exploration licence applications at the Chuscal Gold Project in Colombia.

This process was run by the Colombian Mining Authority (ANM) in the municipality of Quinchia and is the final step prior to preparation of the Exploration Licence (EL) contract.

Chuscal is 1,700 metres south of Metminco’s proposed plant at Miraflores

The Chuscal exploration licence applications, along with others, can now be granted by the ANM. This process is expected to take up to two months.

Metminco and its joint venture partner AngloGold Ashanti (NYSE:AU) remain in regular correspondence with the ANM regarding the EL granting progress. Metminco is earning a 51% interest in the Chuscal Project.

READ: Metminco enters JV to develop Colombian gold project with AngloGold

Following grant of the ELs, Metminco expects to rapidly mobilise to undertake a maiden drilling program of about 2,500 metres of diamond drilling to test the large outcropping Chuscal porphyry gold target.

The porphyry target has an epithermal gold overprint, which comprises a large coincident geochemical and geophysical anomaly above an artisanal mining operation.

The drilling program is due to occur shortly after, and subject to, the completion of the merger with Andes and associated financing, which Metminco aims to complete on or around June 2019.

READ: Metminco to merge with Andes Resources to consolidate advanced exploration assets in Colombia ]]>
Wed, 20 Mar 2019 12:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216799/metminco-enters-final-stage-of-exploration-licence-grant-process-for-chuscal-gold-project-216799.html
<![CDATA[News - Metminco raising $1 million ahead of proposed merger with Andes Resources ]]> https://www.proactiveinvestors.com.au/companies/news/216517/metminco-raising-1-million-ahead-of-proposed-merger-with-andes-resources-216517.html Metminco Limited (ASX:MNC) has received firm commitments for the issue of unsecured convertible notes to raise up to $1 million.

The company expects funds to be received by Friday, March 22, 2019.

Use of the funds will include funding Metminco’s working capital requirements and progressing the proposed merger with Andes Resources Limited.

READ: Metminco to merge with Andes Resources to consolidate advanced exploration assets in Colombia

The funds will go towards satisfying the proposed $4 million capital raising Metminco intends to undertake, in conjunction with Andes, as part of the proposed merger.

Metminco executive chairman Kevin Wilso said: “We have been overwhelmed with positive feedback from a large number of our major shareholders and a number of new investors who share our enthusiasm for the proposed merger with Andes announced 13th March 2019.

“The merger of Metminco and Andes will create a Colombian gold business with a much deeper pool of highly prospective exploration assets in a much sought-after region in the Mid-Cauca Gold and Copper-Gold Belt.

Andes’ exploration ground and Metminco’s ground in the Mid-Cauca Gold Belt

“This region has yielded multiple multi-million ounce gold and gold-copper deposits, so we are very excited by the prospect of combining a plethora of large targets within this richly endowed gold belt.

“The funding support received was important to provide Metminco with the working capital it needs to progress the transaction, and also allow for some planned geophysical and geochemical test work to refine our targeting ahead of planned drilling at the Chuscal Project post completion of the merger.”

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Fri, 15 Mar 2019 12:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216517/metminco-raising-1-million-ahead-of-proposed-merger-with-andes-resources-216517.html
<![CDATA[News - Metminco to merge with Andes Resources to consolidate advanced exploration assets in Colombia ]]> https://www.proactiveinvestors.com.au/companies/news/216339/metminco-to-merge-with-andes-resources-to-consolidate-advanced-exploration-assets-in-colombia-216339.html Metminco Ltd (ASX:MNC) has signed a non-binding indicative offer (NBIO) with Andes Resources Ltd in connection with a proposed merger of the two companies.

Subject to completion of the merger, the merged company will have a well-rounded portfolio of projects, from untested targets through to a potential development project in the advanced stage of permitting.

The new entity will have aggregated a dominant tenement position in the Quinchia and Andes Gold Districts of the richly endowed Mid-Cauca Gold and Copper-Gold Belt in Colombia.

Andes’ exploration ground and Metminco’s ground in the Mid-Cauca Gold Belt

Metminco and Andes have entered into the NBIO for Metminco to effect the Merger by acquiring 100% of the issued capital of Andes through an off-market takeover offer.

In addition to the merger, it is proposed the merged company will raise $4 million, which is expected to be very well-supported, given the level of in principle support already gained from key shareholders including Andes cornerstone investor, Sandfire Resources NL (ASX:SFR).

Andes, a public unlisted company, controls a highly complementary portfolio of gold-silver-copper exploration projects in the Cauca Valley, Colombia, in close proximity to Metminco’s existing resources of over 877,000 ounces gold and reserves of 457,000 ounces gold at the Miraflores deposit.

A subsection of Andes’ portfolio. Surface mapping and sampling has defined 12 targets. Much of Andes’ portfolio remains unexplored by modern techniques

Metminco also has interests in the Tesorito prospect and the large undrilled Chuscal target (in joint venture with AngloGold Ashanti (NYSE:AU), all within Metminco’s Quinchia Gold Project.

Metminco executive chairman Kevin Wilson said: “The acquisition of Andes, gives Metminco not just further exposure to a large exploration portfolio in the Mid-Cauca Gold Belt of Colombia, but also access to an experienced board, management and a new shareholder base of influential, experienced and financially strong shareholders.”

“Together with our Quinchia Gold Project we now have two exploration camps that we believe offer near term development potential.

READ: Metminco progressing well with work on Miraflores and wider exploration portfolio

“Along with the favourable restructure of our existing repayments to RMB, the transaction brings enhanced financial capacity enabling us to substantially defer debt repayments thus maximising capital towards exploration activities.”

Metminco is now conducting a placement of convertible notes to raise about $750,000 to support the merger.

Funds raised will initially be deployed towards maiden drilling of the Chuscal Gold Project, which features an extensive gold geochemical anomaly over a 900 metres x 530 metres envelope, with high-grade gold rock-chip results of up to 54 g/t gold.

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Wed, 13 Mar 2019 14:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216339/metminco-to-merge-with-andes-resources-to-consolidate-advanced-exploration-assets-in-colombia-216339.html
<![CDATA[News - Metminco Limited and RMB Australia agree to defer Miraflores acquisition payment ]]> https://www.proactiveinvestors.com.au/companies/news/214688/metminco-limited-and-rmb-australia-agree-to-defer-miraflores-acquisition-payment-214688.html Metminco Ltd (ASX:MNC) and RMB Australia Holdings have agreed to defer the June 2019 tranche of the Miraflores acquisition payment to June 2020.

As per the 2016 agreement under which Metminco acquired the Miraflores gold development project in Columbia, Metminco is required to pay a total of $7 million in cash to RMB of which $2 million has been paid to date.

The tranche of $3 million due in June 2019 has been deferred to June 2020 and the final $2 million is also due for payment on that date.

An interest charge of 9% per annum is applicable to the deferred component, which will be capitalised.

READ: Metminco progressing well with work on Miraflores and wider exploration portfolio

As part of the terms of the deferral, Metminco has confirmed its commitment to file an Environmental Impact Study on the Miraflores mine development in the final quarter of 2019 and honouring commitments under the RMB purchase agreement.

Final documentation for the agreement is expected to be completed over the next few weeks.

Miraflores currently boasts a resource of 880,000 ounces of gold, out of which 370,000 ounces qualify as reserves.

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Fri, 15 Feb 2019 15:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214688/metminco-limited-and-rmb-australia-agree-to-defer-miraflores-acquisition-payment-214688.html
<![CDATA[News - Metminco progressing well with work on Miraflores and wider exploration portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/214080/metminco-progressing-well-with-work-on-miraflores-and-wider-exploration-portfolio-214080.html Metminco Ltd (ASX:MNC) is an experienced exploration company with a focus on assets in South America. The company has been operating in South America for more than a decade, and has shown itself to be adept at trading and doing deals on assets, and in the acquisition of new opportunities.

What Metminco owns

The Quinchia gold portfolio in Colombia contains several different projects, including the advanced Miraflores project and the earlier stage Chuscal project.

Miraflores currently boasts a resource of 880,000 ounces of gold, out of which 370,000 ounces qualify as reserves.

The Dosquebradas project currently boasts a resource of 920,000 ounces of gold.

The Tesorito gold porphyry target doesn’t yet boast a resource but has recently been drilled.

The Chuscal project is a joint venture with AngloGold, which Metminco is earning into. It is as yet undrilled.

There are also some assets in Chile, although these are of secondary importance for the time being.

Inflection points

Drilling on Chuscal is anticipated in the second quarter of 2019, following on from a surface and underground mapping programme. Strong results could have a material impact on the Metminco share price.

Also significant will be the results of the ongoing environmental impact assessment for Miraflores. The plan of work for the construction of a working mine at Miraflores has already been approved by the Colombian authorities.

Chairman Kevin Wilson highly optimistic about the contribution Chuscal is likely to make

“Chuscal is an exciting project for us as it could make a significant positive impact on the head-grade and tonnage throughput into the Miraflores plant,” said Metminco executive chairman Kevin Wilson.

“The underground results confirm the presence and continuity of high-grade gold veins within the porphyritic diorite at Chuscal, which itself is mineralised. We now need to focus on drilling to delineate the extent of the mineralisation and demonstrate the presence of other high-grade gold zones within the extensive surface gold anomaly. Compared to Miraflores and Tesorito, Chuscal has the advantage of being potentially an open-cut operation with high grade gold zones.”

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Wed, 06 Feb 2019 12:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214080/metminco-progressing-well-with-work-on-miraflores-and-wider-exploration-portfolio-214080.html
<![CDATA[News - Metminco confirms high-grade gold at prospect near proposed Colombian gold mine ]]> https://www.proactiveinvestors.com.au/companies/news/212916/metminco-confirms-high-grade-gold-at-prospect-near-proposed-colombian-gold-mine-212916.html Metminco Limited (ASX:MNC) has confirmed high-grade gold in underground channel sampling at the Chuscal prospect within its Quinchia Gold Project in Colombia.

Chuscal is one of two targets being developed in the area around Metminco’s proposed Miraflores mine which is an advanced project in the mine-permitting stage.

The company will begin drilling at Chuscal once exploration titles are granted and all permits and approvals obtained, which it anticipates will occur early in the second quarter 2019.

The channel sampling results were obtained by a previous owner in 2012 and have only now undergone full analysis and JORC-compliance.

Chuscal is held in a joint venture with AngloGold Ashanti (ASX:AGG) where Metminco is earning a 51% interest through the expenditure of US$2.5 million over 3 years.

READ: Metminco enters JV to develop Colombian gold project with AngloGold

Metminco executive chairman Kevin Wilson said: “Chuscal is an exciting project for us as it could make a significant positive impact on the head-grade and tonnage throughput into the Miraflores plant.

“The underground results confirm the presence and continuity of high-grade gold veins within the porphyritic diorite at Chuscal, which itself is mineralised.

“We now need to focus on drilling to delineate the extent of the mineralisation and demonstrate the presence of other high-grade gold zones within the extensive surface gold anomaly.

“Compared to Miraflores and Tesorito, Chuscal has the advantage of being potentially an open-cut operation with high-grade gold zones.”

Deposits and targets within Metminco’s Quinchia gold portfolio

  READ: Metminco launches rights issue to advance Quinchia Gold Project

The channel sampling comprised 120, two-metre long samples taken along the length of underground workings at a small-scale historical mine known as the Guayacanes tunnel.

These delivered gold grades up to 250 g/t with 10% of samples grading over 10 g/t at an average of 62.7 g/t.

The higher gold grades are associated with two or three vein systems with elevated silver grading up to 59 g/t as well as associated arsenic, antimony, tungsten and tellurium.

In the cross-cuts between the identified gold veins, continuous lower-grade mineralisation of 1-3.9 g/t gold is present.

READ: Metminco focused on its portfolio of gold assets at Quinchia in Colombia

Chuscal features an extensive undrilled surface gold geochemical anomaly, defined by rock-soil and rock chip sampling, with high-grade sample results up to 54 g/t.

The samples from the central zone of the prospect average 2.66 g/t and lie within a 900 by 530-metre envelope averaging 1.76 g/t.

Analysis of the multi-element geochemistry and correlation with surface mapping confirms that gold mineralisation is hosted by a porphyritic diorite but also extends into altered monzonite.

Two types of mineralisation are clearly distinguishable: an early stockwork phase of disseminated mineralisation averaging 1.5 g/t; cut through by a later high-grade epithermal vein population average about 8 g/t.

READ: Metminco joins electric vehicle charge with nickel acquisition

Chuscal and the second target Tesorito are 1,700 and 500 metres, respectively, from the proposed Miraflores gold mine.

Miraflores’ deposit is 100% owned by Metminco and holds a 0.88-million-ounce resource.

The proposed mine is undergoing an environmental impact assessment due for submission this year, which also includes assessment of a gold treatment plant.

Along with Miraflores, the Quincha project also contains the Dosquebradas deposit which is 100% Metminco-owned and has a 0.92-million-ounce gold deposit estimated under NI 43-101.

Recent drilling at the Tesorito prospect intersected 253 metres at 1.01 g/t from surface, including 64 metres at 1.67 g/t from 144 metres.

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Sun, 20 Jan 2019 20:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212916/metminco-confirms-high-grade-gold-at-prospect-near-proposed-colombian-gold-mine-212916.html
<![CDATA[News - Metminco enters JV to develop Colombian gold project with AngloGold ]]> https://www.proactiveinvestors.com.au/companies/news/210622/metminco-enters-jv-to-develop-colombian-gold-project-with-anglogold-210622.html Metminco Limited (ASX:MNC) has entered into a joint venture (JV) agreement with AngloGold Ashanti Colombia SA to explore and develop the Chuscal Gold Project in Colombia.

Chuscal is a drill-ready gold exploration target defined by anomalous gold levels in both soil and rock chip geochemistry.

The target is 1,700 metres south of Metminco’s proposed plant at Miraflores and, along with Tesorito, is a prospective area within a 3-kilometre radius of Miraflores.

Drilling is expected to begin once exploration titles are granted and permits and approvals are obtained, which Metminco anticipates will occur in the second quarter 2019.

AngloGold Colombia is a subsidiary of AngloGold Ashanti Ltd (NYSE:AU) and owns gold and uranium assets.

READ: Metminco launches rights issue to advance Quinchia Gold Project

Metminco executive chairman Kevin Wilson said the Chuscal target represented a major opportunity for the company.

He said: “It complements our existing gold resource at Miraflores and the target at Tesorito.

“We look forward to working with our partner at AngloGold to explore and develop this exciting addition to our portfolio in Quinchia.”

The Quinchia Gold Project

  READ: Metminco focused on its portfolio of gold assets at Quinchia in Colombia

Chuscal features a large, undrilled surface gold geochemical anomaly with high-grade samples up to 54 g/t, within a large lower-grade envelope.

Channel sampling from a small-scale underground mine indicated continuous and highly encouraging grades beneath the target zone.

Rock chip sampling has defined a central zone of 600 by 240 metres from 183 samples, with an average grade of 2.66 g/t uncut or 1.94 g/t cut.

This zone is incorporated within a broader main zone of 900 by 530 metres, where analysis of 289 samples has the average grade at 1.79 g/t uncut or 1.33 g/t cut.

The rock chip sampling indicates the potential for high-grade mineralisation within the central zone where 12 of the samples encountered grades over 10 g/t and six reported grades over 20 g/t, with the highest at 54 g/t.

READ: Metminco completes first leg of nickel acquisition financing

Metminco will initially hold 10% ownership and can earn a further 41% by spending US$2.5 million over 3 years, including at least 7,500 metres of drilling.

Metminco will manage the JV and AngloGold will be free-carried during this period.

AngloGold has a one-off right to buy back a 21% interest from Metminco on the publication of a JORC resource of at least 3 million ounces of gold.

On exercise of the buyback right AngloGold will hold 70% of the project and become manager of the JV.

AngloGold will then free carry Metminco through feasibility and until permits have been granted for a plus-250,000-ounce annual production development proposal.

READ: Metminco eyes sizeable operation in Colombia as it hits highest grades yet at Tesorito

The Chuscal target is part of the wider Quinchia Gold Project which also contains the 100% Metminco-owned Miraflores and Dosquebradas deposits as well as the recently-drilled Tesorito prospect.

Miraflores has an 880,000-ounce gold resource and is subject to an ongoing environmental impact assessment and Dosquebradas has a 920,000-ounce gold resource estimated under NI 43-101.

Tesorito recently delivered broad gold grades of 253 metres at 1.01 g/t from surface, including 64 metres at 1.67 g/t from 144 metres.

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Wed, 05 Dec 2018 20:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210622/metminco-enters-jv-to-develop-colombian-gold-project-with-anglogold-210622.html
<![CDATA[News - Metminco launches rights issue to advance Quinchia Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/209623/metminco-launches-rights-issue-to-advance-quinchia-gold-project-209623.html Metminco Ltd (ASX:MNC) has lodged a prospectus to raise up to $1.25 million through a renounceable 2-for-5 rights issue priced at 0.3 cents per share.

The funds raised will be applied to the advancement of the Quinchia Gold Project in Colombia.

The record date for determining rights is Friday 30 November 2018 and the offer will close on Friday 14 December 2018.

READ: Metminco focused on its portfolio of gold assets at Quinchia in Columbia

The Quinchia Gold Project comprised the 0.88 million ounce gold Miraflores deposit and the 0.92 million ounce Dosquebrados deposit.

The project has good expansion potential recently highlighted by drilling at the Tesorito Prospect where diamond hole TS-DH-07 intersected 253 metres at 1.01 g/t gold from surface.

All these deposits occur within a 2-kilometre radius of the location of a planned gold plant at Miraflores.

Chuscal porphyry target yet to be tested

The undrilled Chuscal gold target which, along with Tesorito, is the second significant gold porphyry target within the Quinchia Gold Portfolio, features a large geochemical anomaly.

Furthermore, the target lies over an area with artisanal mining which has indicated highly encouraging underground channel sample grades.

Joint venture discussions advanced

Discussions are well advanced with AngloGold Ashanti to formalise a farm-in/joint venture agreement over the Chuscal gold target.

A market update is anticipated in the near-term.

On successful completion of the negotiations, it is intended to rapidly undertake additional soil geochemical, channel sampling and geophysics to prepare for drilling at Chuscal.

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Wed, 21 Nov 2018 09:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209623/metminco-launches-rights-issue-to-advance-quinchia-gold-project-209623.html
<![CDATA[News - Metminco focused on its portfolio of gold assets at Quinchia in Columbia ]]> https://www.proactiveinvestors.com.au/companies/news/208568/metminco-focused-on-its-portfolio-of-gold-assets-at-quinchia-in-columbia-208568.html Metminco Limited (ASX:MNC) is well advanced in discussions with AngloGold Ashanti Limited (JSE:ANG) to formalise a farm-in/joint venture agreement over the Chuscal project, which is adjacent to the Quinchia Gold Portfolio in Columbia.

Chuscal features a large, undrilled gold geochemical anomaly over an area with artisanal mining which has highly encouraging channel sample grades.

It is within 2-kilometres of the proposed processing plant at Metminco’s Miraflores project, a potential near-term producing asset.

READ: Metminco’s South American copper and gold portfolio continues to offer significant upside

Metminco is focusing exploration efforts at Chuscal and is confident of a positive outcome in the AngloGold Ashanti discussions with that company holding other assets in the prolific Cauca Belt.

Columbia belt

The Cauca Belt in Columbia – a prolific and proven gold address.

840,000-ounce Miraflores resource

Miraflores has measured and indicated resources of 9.27 million tonnes at 2.82 g/t gold and 2.77 g/t silver for 840,000 gold ounces and 825,000 silver ounces.

It also has inferred resources of 500,000 tonnes at 2.36 g/t gold and 3.64 g/t silver at a cut-off grade of 1.20 g/t gold.

Plan of works submitted

A plan of works was submitted to Colombian authorities in January 2018 for construction of a mine at Miraflores at which the company plans to annually produce 50,000 ounces of gold for an initial mine life of nine years.

The nearby Dosquebradas deposit has inferred resources of 980,000 ounces of gold at a 0.20 g/t cut-off.

Drilling at the Tesorito deposit has identified a mineralised porphyry system with gold, silver, copper and molybdenum present.

Deposits and targets within Metminco’s Quinchia Gold Portfolio.

Withdrawal from nickel project

Metminco has decided not to proceed with its proposed acquisition of Sunshine Minerals Limited, a company incorporated in the Solomon Islands, which holds an 80% interest in the Jejevo Nickel Project.

While believing the project is attractive, the company has been unable to complete due diligence to its satisfaction and has given notice of its withdrawal from the acquisition agreement.

New funding strategy

After also deciding not to proceed with a proposed pro-rata renounceable rights issue to raise up to $2.5 million before costs, Metminco is working towards a new funding strategy with details to be announced shortly.

The company has recently cancelled the admission to trading of its shares on AIM and is now solely listed on the ASX.

Miraflores project feasibility study results.

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Tue, 06 Nov 2018 08:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208568/metminco-focused-on-its-portfolio-of-gold-assets-at-quinchia-in-columbia-208568.html
<![CDATA[News - Metminco Limited urges shareholders to get their skates on ]]> https://www.proactiveinvestors.com.au/companies/news/206355/metminco-limited-urges-shareholders-to-get-their-skates-on-206355.html Metminco Limited (LON:MNC) has urged shareholders to voluntarily transfer their holdings to the Australian share registry agent ahead of the October 25 deadline.

The company, which is exiting AIM on October 17, said UK shareholders will be required to withdraw their Metminco shareholding from CREST, the UK central securities depositary, and register their holdings with Metminco's Australian registry, Link Market Services Limited.

READ: Metminco join s electric vehicle charge with nickel acquisition

Metminco's UK Depositary, Computershare Investor Services PLC (CPU UK), has contacted UK depository interest (DI) holders to advise them of the available options. Any shareholder who has not been contacted yet should get on the blower (+44 (0) 370 702 0003 ) to CPU UK pronto or contact them via their website, www.computershare.com/uk.

DI holders can voluntarily request the re-assignment of their shareholdings to the company's Australian register until 25 October 2018.

DI holders should contact their broker (as nominee) and provide instructions to effect such a transfer in line with CPU UK's correspondence, Metminco said. After October 25, the balance of the DI UK holdings will be automatically moved to Link.

Once on Link, Metminco shareholders will receive a Securityholder Reference Number (SRN) that uniquely identifies their holdings on the Link Issuer Sponsored sub-register; the SRN will enable shareholders to trade their shares on the Australian Stock Exchange.

If the transfer is not done voluntarily then the process of transferring the holdings over to the Aussie register becomes more onerous for the UK broker and the shareholder as it requires further verification documentation and associated fees for Link to process.

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Thu, 04 Oct 2018 07:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206355/metminco-limited-urges-shareholders-to-get-their-skates-on-206355.html
<![CDATA[News - Metminco completes first leg of nickel acquisition financing ]]> https://www.proactiveinvestors.com.au/companies/news/206278/metminco-completes-first-leg-of-nickel-acquisition-financing-206278.html Metminco Limited (LON:MNC) has completed a placing of 135mln ordinary shares to raise A$540,000 ahead of a rights issue for up to a further A$2.5mln.

Placing participants also get at option exercisable at 11c for every three shares subscribed, something that will also be offered for those who take up the rights issue.

READ: Metminco joins electric vehicle charge with nickel acquisition

The price of the rights will be the same as the placing, with shareholders being offered shares on a three-for-five basis.

Metminco is currently suspended on AIM and intends to de-list from the junior market on 17 October.

Earlier this month, the junior announced the acquisition of a laterite nickel project in the Solomon Islands.

The Jejevo project has an estimated exploration target resource of 10Mt-15Mt at grades of approximately 1.1%-1.3%.

Metminco also has gold assets at Quinchia in Colombia.

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Wed, 03 Oct 2018 09:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206278/metminco-completes-first-leg-of-nickel-acquisition-financing-206278.html
<![CDATA[News - Metminco expects to make announcement on proposed capital raising and acquisition by September 17 ]]> https://www.proactiveinvestors.com.au/companies/news/204795/metminco-expects-to-make-announcement-on-proposed-capital-raising-and-acquisition-by-september-17-204795.html Metminco Limited (LON:MNC) (ASX:MNC) has said it expects to make an announcement regarding a proposed capital raising and acquisition by Monday 17 September.

As a result, the mining group said, trading in its shares on the Australian Securities Exchange was temporarily suspended from today, and the stock will also be suspended from trading on AIM with immediate effect as the acquisition target is neither a listed company nor an AIM company.

READ: Metminco eyes sizeable operation in Colombia as it hits highest grades yet at Tesorito

The company said it has requested that the ASX trading halt end on the earlier of the commencement of trading on Monday 17 September, or when the anticipated announcement referred to is released to the market.

The group added that should the proposed acquisition proceed, it would constitute a reverse takeover under AIM rules and require shareholder approval and publication of an admission document.

Columbia the focus

At the end of last month, Metminco has recorded the best results so far from a drilling programme at Tesorito in Colombia.

Metminco believes Tesorito is a significant near-surface porphyry gold target and as it is located just 800m from its Miraflores deposit would be able to share infrastructure.

In addition, negotiations have been underway for some time with AngloGold Ashanti about the development of Chuscal, a third deposit nearby.

Kevin Wilson, executive chairman, said the higher grades seen in the latest hole were a material step forward for Tesorito and the company.

In a separate statement, Metminco also announced its half-yearly report for the period June 30th 2018 showing a pre-tax loss of US$5.598mln, down from a US$30.727mln loss at the same stage in 2017 which had included a US$27.165mln asset sale loss.

The group’s cash and cash equivalents as at 30 June 2018 were US$1.706mln, up from US$834,377 as at 31 December 2017.

 -- Adds half-year results --

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Thu, 13 Sep 2018 07:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204795/metminco-expects-to-make-announcement-on-proposed-capital-raising-and-acquisition-by-september-17-204795.html
<![CDATA[News - Metminco eyes sizeable operation in Colombia as it hits highest grades yet at Tesorito ]]> https://www.proactiveinvestors.com.au/companies/news/203864/metminco-eyes-sizeable-operation-in-colombia-as-it-hits-highest-grades-yet-at-tesorito-203864.html Metminco Limited (LON:MNC) has recorded the best results so far from a drilling programme at Tesorito in Colombia.

The latest hole intersected 64m of gold at a grade 1.67 g/t from a depth of 144m.

READ: Metminco’s South American copper and gold portfolio continues to offer significant upside

Metminco believes Tesorito is a significant near surface porphyry gold target and as it is located just 800m from its Miraflores deposit would be able to share infrastructure.

In addition, negotiations have been underway for some time with AngloGold Ashanti about the development of Chuscal, a third deposit nearby.

All three lie within a 1.3km radius, said Metminco, so they can have a significant impact on the feasibility study numbers for Miraflores published last year.

Kevin Wilson, executive chairman, said the higher grades seen in the latest hole were a material step forward for Tesorito and the company.

“It demonstrates that there is potential for the company's 880,000oz resource at Miraflores to be complemented by this near surface mineralised target at the Tesorito porphyry, only 800m to the southeast.

“Importantly, any near surface, higher grade gold mineralisation delineated at Tesorito has the potential to materially improve the economics of the Miraflores feasibility study though an integrated development plan, sharing mine and process infrastructure.

“In addition, we have additional targets at Chuscal and Dosquebrados requiring follow-up, all within a potential radius of operation for a centralised plant."

Shares jumped 34% to 0.45p.

-- Adds share price --

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Thu, 30 Aug 2018 08:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203864/metminco-eyes-sizeable-operation-in-colombia-as-it-hits-highest-grades-yet-at-tesorito-203864.html
<![CDATA[News - Metminco’s South American copper and gold portfolio continues to offer significant upside ]]> https://www.proactiveinvestors.com.au/companies/news/202768/metmincos-south-american-copper-and-gold-portfolio-continues-to-offer-significant-upside-202768.html Metminco LTD (LON:MNC) holds an interest in a portfolio of gold, copper and other base metal projects in the Andean Cordillera in Colombia, Peru and Chile.

Quinchia gold project, Colombia

The Tesorito prospect on the Quinchia project in Colombia occurs 800 metres south-east of Metminco’s established 880,000 ounces Miraflores deposit and approximately 3km south-east of the company's 920,000 ounce Dosquebradas deposit.

It also located approximately 2km north of the large, undrilled Chuscal porphyry target.

Previous drilling highlights include 384 metres grading 1.1 grams per tonne gold from surface to end-of-hole.

Best result yet from Tesorito

Results from Tesorito have been getting better.

The latest hole intersected 64m of gold at a grade 1.67 g/t from a depth of 144m or sufficient to confirm a significant near surface porphyry gold target, said the junior.

Although early in its exploration history, Metminco believes the mineralisation at Tesorito represents the gold-rich cap of a deeper base-metal rich network.

The intensity of hydrothermal alteration seen at Tesorito together with prolific gold mineralisation already recognised in the Quinchia district and elsewhere in the Cauca belt suggests this to be a major mineralising system which offers great potential for exploration success.

Higher grade gold areas of over 1 gram per tonne occur within the broader mineralisation envelope of approximately 0.5 grams.

Chuscal gold porphyry target, Quinchia

Chuscal is the second significant gold porphyry target within the Quinchia gold portfolio.

It comprises a large, undrilled gold geochemical anomaly over an area with artisanal mining which has highly encouraging channel sample grades.

Discussions have been ongoing with AngloGold Ashanti to formalise a farm-in/joint venture agreement over the project.

Both Tesorito and Chuscal are located within two kilometres from the proposed mine site at Miraflores.

Miraflores gold project

In January 2018, Metminco submitted the Plan of Work (PTO) for Miraflores to the Colombian Mining Agency for mine development approval.

Colombian regulations require both the PTO and Environmental Impact Assessment approvals prior to commencement of operations.

Approval of the PTO is awaited.

The critical path for the development of the project remains the completion of the EIA, including the validation of the impacts on the local communities and the gaining of the social license for the project. Seasonal water monitoring has recently been completed.

Chilean assets

At Mollacas, discussions with adjacent landowners concerning the sale of the company's water rights were suspended pending clarification of the owners' position.

A data-room has been prepared for the Mollacas project and discussions with interested parties are continuing.

New funding in place

During the quarter to end-June Metminco, raised A$6.2mln before costs in an entitlement offer and subsequent placement and share payments in lieu of fees owed.

Cash held at 30 June 2018 was A$1.7mln.

 

-- Updates for August 30 drill result -- 

 

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Mon, 13 Aug 2018 14:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202768/metmincos-south-american-copper-and-gold-portfolio-continues-to-offer-significant-upside-202768.html
<![CDATA[News - Metminco appoints exploration director in Colombia ]]> https://www.proactiveinvestors.com.au/companies/news/202093/metminco-appoints-exploration-director-in-colombia-202093.html Metminco Limited (LON:MNC ASX:MNC) has appointed Nick Winer as its director of exploration based in Medellin, Colombia.

The AIM-listed miner said Winer would lead the company’s activities in Colombia with a focus on the advancement of its gold assets portfolio in the Quinchia district.

READ: Metminco hits lengthy gold intercepts at Tesorito in Colombia

Winer has over 30 years’ experience in gold and base metals in South America and previously served as vice-president of exploration at Anglo Gold Ashanti Colombia where he led the exploration team that discovered the Nuevo Chaquiro copper-gold porphyry deposit in the mid-Cauca belt, Colombia.

Kevin Wilson, executive chairman of Metminco said: "I am excited to have someone of Nick's experience and calibre join the Metminco team. His knowledge and extensive exploration experience in Colombia will provide the relevant skills and leadership we need to advance rapidly our Quinchia gold portfolio".

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Thu, 02 Aug 2018 09:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202093/metminco-appoints-exploration-director-in-colombia-202093.html
<![CDATA[News - Metminco hits lengthy gold intercepts at Tesorito in Colombia ]]> https://www.proactiveinvestors.com.au/companies/news/201892/metminco-hits-lengthy-gold-intercepts-at-tesorito-in-colombia-201892.html The summary of quarterly activities for Metminco LTD (LON:MNC) showcases how busy the company has been. Among the highlights is the ongoing drilling at the Tesorito gold project in Colombia, where the presence of a gold-bearing porphyry has now been confirmed.

READ: Metminco shares jump as firm sets the drill rigs turning at Tesorito

The best gold grades from drilling so far include 179.8 metres grading 0.7 grams per tonne gold from the surface and 212.7 metres grading 0.39 grams, also from the surface.

Meanwhile, discussions are continuing with AngloGold Ashanti in relation to a farm-in or joint venture deal at Chuscal, and progress has been made to permit the Miraflores gold project.

All this work is being funded by the recent A$6.2mln equity raise, under the watchful eye of new management. It will be interesting to see how it all progresses.

 

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Tue, 31 Jul 2018 07:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201892/metminco-hits-lengthy-gold-intercepts-at-tesorito-in-colombia-201892.html
<![CDATA[News - Metminco shares jump as firm sets the drill rigs turning at Tesorito ]]> https://www.proactiveinvestors.com.au/companies/news/198239/metminco-shares-jump-as-firm-sets-the-drill-rigs-turning-at-tesorito-198239.html Metminco Ltd (LON:MNC) shares jumped higher on Tuesday as the miner said it has commenced diamond exploration drilling on its Tesorito gold prospect in the Quinchia district, Colombia.

The 1,500 metre diamond drilling program is designed to confirm and expand the gold mineral system previously intersected in drilling by a previous operator.

READ: Metminco draws attention in London as it emerges from slumber

This included one hole which reported 384 metres grading 1.1 grams per tonne gold from surface to end-of-hole.

The program will also test a previously undrilled geophysical anomaly located approximately 300 metres to the northwest.

Assay results from the diamond drilling at Tesorito are expected in August 2018.

Metminco has rights to several highly prospective exploration prospects and targets around Quinchia in Colombia's Cauca Belt. 

The Cauca Belt is host to several large gold resources including AngloGold Ashanti's 28.5mln ounce La Colosa deposit and Gran Colombia's 8.6mln ounce Marmato deposit.

In mid-morning trading, Metminco was the London market's biggest gainers, with its shares up 23.8% at 0.65p.

 -- Adds share price --

 

 

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Tue, 05 Jun 2018 07:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198239/metminco-shares-jump-as-firm-sets-the-drill-rigs-turning-at-tesorito-198239.html
<![CDATA[News - Cashed-up Metminco plans drilling at Tesorito ]]> https://www.proactiveinvestors.com.au/companies/news/196123/cashed-up-metminco-plans-drilling-at-tesorito-196123.html The recent A$5.7mln fundraising undertaken by Metminco Ltd (LON:MNC) will go partly towards exploration on the Tesorito prospect on the Quicnhia project in Colombia.

The company has also initiated discussions with Anglogold Ashanti Limied (LON:AGD) in relation to a farm-in or joint venture deal at Chuscal, also part of the Quincha project.

READ: Metminco confirms A$5.6mln capital raise as relaunch advances

Meanwhile, Metminco has also made advances in the permitting process for the Miraflores gold project. A plan of work was submitted in January, the company said in a statement.

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Tue, 01 May 2018 08:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196123/cashed-up-metminco-plans-drilling-at-tesorito-196123.html
<![CDATA[News - Metminco confirms A$5.6mln capital raise as relaunch advances ]]> https://www.proactiveinvestors.com.au/companies/news/195842/metminco-confirms-a56mln-capital-raise-as-relaunch-advances-195842.html Metminco Limited (LON:MNC) today confirmed it has completed a A$5.6mln entitlement offer, which forms part of the group’s refinancing and relaunch.

It will now issue 694.8mln new shares to subscribing shareholders, with each new share priced at 0.8 Australian cents each. Additionally, the investors will receive options (a total of 231.6mln will be issued) creating the possibility for a further issue of equity before June 2020.

READ: Metminco announces rights issue take-up of around 72%

The offer was underwritten by Patersons Securities, which is now placing a A$1.53mln shortfall to sub-underwriters.

The mining junior told investors that the injection of capital will be used to repay debts and relaunch exploration on the high potential Tesorito gold prospect in Colombia. At the same time, the group’s new management is seeking to sell non-core assets in Chile whilst reducing overhead.

Following the capital raise and debt repayment, the company expects to be in a “good financial position”, anticipating more than A$3mln of cash and limited debt.

"The issue was well supported and is seen as encouragement for the new exploration strategy,” said Kevin Wilson, Metminco executive chairman.

“We thank existing shareholders for their continuing support, welcome new shareholders and look forward to deploying the funds to work on the company's exciting gold portfolio in Colombia."

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Thu, 26 Apr 2018 09:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195842/metminco-confirms-a56mln-capital-raise-as-relaunch-advances-195842.html
<![CDATA[News - Metminco announces rights issue take-up of around 72% ]]> https://www.proactiveinvestors.com.au/companies/news/195452/metminco-announces-rights-issue-take-up-of-around-72-195452.html Mining group Metminco Limited (LON:MNC, ASX:MNC) revealed there had been take-up of around 72% of the previously announced revised rights issue.

A shortfall of around 191mln new shares will be placed with the underwriter, Patersons Securities Limited and overall the cash-call is expected to raise around A$5.56mln before costs, compared with A$5.1mln before it was revised.

READ: Results show Metminco with cash in the bank and in possession of a robust feasibility study for Miraflores

Executive chairman Kevin Wilson said: "We are pleased with the take-up of approximately 72% of the rights, including additional take-up by shareholders.

"Once the shortfall funds are received, and the shares issued, the company will soon commence its drilling program at Tesorito, part of the Quinchia gold project, Colombia.

The funds are being used to expedite a high impact exploration programme on the gold properties in Colombia.

As revealed last month, the miner said the rights issue would be on the basis of 9.5 new shares for every two shares at an issue price of A$0.008 per new share together with one free attaching new option. (exercisable at $0.011 during the exercise period for every three new shares subscribed for.)

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Fri, 20 Apr 2018 08:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195452/metminco-announces-rights-issue-take-up-of-around-72-195452.html
<![CDATA[News - Results show Metminco with cash in the bank and in possession of a robust feasibility study for Miraflores ]]> https://www.proactiveinvestors.com.au/companies/news/194129/results-show-metminco-with-cash-in-the-bank-and-in-possession-of-a-robust-feasibility-study-for-miraflores-194129.html Metminco Limited (ASX:MNC)(LON:MNC) booked losses of A$35mln in the year to December 2017, down significantly from the A$124mln booked in the corresponding period a year earlier.

The cash position increased to A$834,377 from $71,548 due to the receipt of A$6.6mln following the sale of the company’s interest in the Los Calatos project, and as a result of additional fund raisings amounting to A$2.2mln net, and the exercising of A$700,000 of convertible notes.

READ: Metminco launches bigger rights issue amid strategy shift and board changes

Cash outgoings for the period were focused on the continued development of the Miraflores gold project on the wider Quinchia licences in Colombia.

Expenditure for the year was focused on the Miraflores feasibility study, including an updated JORC 2012 Mineral Resource estimate, as well as the mining study, metallurgical test work, evaluation of processing options, infrastructure work towards completion of the Feasibility Study and the preparation of the Environmental Impact Assessment.

The release of a feasibility study on 30 October 2017 confirmed the robust economics of the Miraflores project.

Metminco’s portfolio of assets includes the Quinchia project in Colombia and the Loica, Vallecillo and Mollacas projects in Chile.

The company focussed its full attention on the Miraflores Project at Quinchia while the Chilean assets remained on care and maintenance throughout 2017.

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Tue, 03 Apr 2018 08:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194129/results-show-metminco-with-cash-in-the-bank-and-in-possession-of-a-robust-feasibility-study-for-miraflores-194129.html
<![CDATA[News - Metminco launches bigger rights issue amid strategy shift and board changes ]]> https://www.proactiveinvestors.com.au/companies/news/193684/metminco-launches-bigger-rights-issue-amid-strategy-shift-and-board-changes-193684.html Metminco Limited (LON:MNC) (ASX:MNC) said it is now seeking to raise A$5.7mln through a revised rights issue as it shifts its strategy and has named a new executive chairman.

The AIM-listed miner said the rights issue would now be on the basis of 9.5-for-2 renounceable entitlement issues at A$0.8 each to raise circa A$5.6mln combined with a placement of 19mln shares, also at A$0.8 each, to raise about A$150,000.

READ: Metminco announces A$5.1mln rights issue to fund exploration in Colombia

The amount is an increase from the A$5.1mln right issue previously announced by the company on 5 March 2018, with Metminco saying the funds raised would be used to expedite a high impact exploration program on high-quality gold properties in Colombia.

The group also said its new strategy would include the start of a drilling programme on the Tesorito prospect and access to the Chuscal prospect, both of which are considered highly prospective gold exploration targets.

It added work would also continue on the permitting of the Miraflores project as the company investigates options for gold production.

The company said that aside from bringing forward the exploration programme, the incoming board and management will look to divest non-core assets in Chile and commence a round of initiatives aimed at reducing overheads.

New executive chairman appointed

The rights announcement and strategy update were also accompanied by board changes. Kevin Wilson has been appointed as executive chairman, while William Howe has resigned from the board to take up the role as chief operating officer based in Colombia.

Wilson is currently also non-executive chairman of Victorian gold explorer Navarre Minerals Limited and non-executive director of Investigator Resources Limited.

The incoming executive chairman commented: "I'm excited by the opportunities that are presented in Metminco. There is a first-class exploration portfolio with outstanding potential at Tesorito and Chuscal and options for a gold development at Miraflores. With the funds currently being raised we will be able to rapidly commence investigating these opportunities.”

In late afternoon trading, Metminco shares in London were steady at 0.98p, recouping earlier falls.

 -- Updates share price --

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Fri, 23 Mar 2018 07:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193684/metminco-launches-bigger-rights-issue-amid-strategy-shift-and-board-changes-193684.html
<![CDATA[News - Metminco announces A$5.1mln rights issue to fund exploration in Colombia ]]> https://www.proactiveinvestors.com.au/companies/news/192582/metminco-announces-a51mln-rights-issue-to-fund-exploration-in-colombia-192582.html Metminco Limited (ASX:MNC)(AIM:MNC) is seeking to raise up to A$5.3m through a A$5.1mln rights issue and A$190,000 placement.

The money raised will be used to undertake exploration on the company’s Colombia gold properties, and to retire an outstanding convertible note.

READ: Metminco cancels March meeting as Redfield requests to redeem notes

The 7-for-2 issue and the placement are both priced at A$0.01 per share, and each three new shares come with an option for one more share exercisable at A$0.013.

The drilling paid for by the new funding is expected to commence in April 2018.

Metminco is also in the process of appointing a new board which will look to divest non-core assets in Chile and commence a round of initiatives aimed at reducing overheads.

"At its current market capitalisation, there is minimal value attributed to Metminco's exploration assets in Colombia, which have obvious potential to produce a world-class discovery,” said Metminco executive chairman designate Kevin Wilson.

“The capital raising initiative announced today will allow us to conduct meaningful drilling on these projects and better demonstrate that potential to the market."

The rights issue price is a 74% discount to the closing price on ASX of 27 February 2018 of A$0.039 cents. It is a discount of 77% to the basic 30 day volume weighted average price on ASX of A$0.044.

 

 

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Mon, 05 Mar 2018 07:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192582/metminco-announces-a51mln-rights-issue-to-fund-exploration-in-colombia-192582.html
<![CDATA[News - Metminco cancels March meeting as Redfield requests to redeem notes ]]> https://www.proactiveinvestors.com.au/companies/news/192264/metminco-cancels-march-meeting-as-redfield-requests-to-redeem-notes-192264.html Metminco Limited (LON:MNC; ASX:MNC) said it has cancelled its extraordinary general meeting at the request of Redfield Asset Management and is in talks about raising capital to boost its cash position.

Last year Metminco agreed a convertible note facility of AU$0.75mln with Redfield to advance the Miraflores gold project in Colombia.

READ: Metminco says Redfield Asset Management has increased its holding in the company to 9.83% from 8.62%

Redfield, which has a 9.83% stake in Metminco, now wishes to redeem its notes under the unsecured convertible note deed.

“Accordingly, the company and Redfield have executed a deed to redeem, which means Redfield no longer wish to convert the notes as per the note deed and therefore the extraordinary general meeting to be held on 2 March 2018 will not be required,” Metminco’s managing director William Howe said.  

The meeting had been called at the request of Redfield to consider a resolution on converting its notes and exercising options that would have pushed its shareholding above 20%.

Redfield will be paid about AU$830,000 under the deed to redeem. Metminco said it would use proceeds from any future capital raising to pay Redfield.

It also announced that it is in talks about raising capital to bolster its cash position but said there can be ”no guarantee that securing these funds will be successful”. 

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Tue, 27 Feb 2018 12:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192264/metminco-cancels-march-meeting-as-redfield-requests-to-redeem-notes-192264.html
<![CDATA[News - Metminco makes steady progress at Miraflores ]]> https://www.proactiveinvestors.com.au/companies/news/190986/metminco-makes-steady-progress-at-miraflores-190986.html Colombian gold explorer Metminco PLC (LON:MNC ASX:MNC) made significant progress during its most recent quarter, said managing director William Howe in his latest three months update.

“The company announced a maiden ore Reserve for the Miraflores gold project and completed a Feasibility Study for its potential development.

READ: Metminco submits plan of works for Miraflores 

“A works plan (PTO) has also been submitted to the Mining Agency in Colombia for development approval and completed the Social Baseline Study for inclusion in the EIA application.”

The maiden resource showed 457,000 ounces of gold and 385,000 ounces of silver in the proved and probable categories.

Cash holdings at the end of December were A$833,000.

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Thu, 01 Feb 2018 09:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190986/metminco-makes-steady-progress-at-miraflores-190986.html
<![CDATA[Media files - Metminco submits plan of works for Miraflores gold project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8686/metminco-submits-plan-of-works-for-miraflores-gold-project-8686.html Wed, 31 Jan 2018 11:32:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8686/metminco-submits-plan-of-works-for-miraflores-gold-project-8686.html <![CDATA[News - Metminco submits plan of works for Miraflores ]]> https://www.proactiveinvestors.com.au/companies/news/190732/metminco-submits-plan-of-works-for-miraflores-190732.html Metminco Ltd (ASX: MNC)(LON:MNC) has submitted a plan of works to the Colombian Mining Agency for the Miraflores gold project.

The plan follows Metminco’s announcement last year that it had established a reserve of 457,000 ounces of gold and 385,000 ounces of silver at Miraflores.

READ: Metminco draws attention in London as it emerges from slumber

In the 43-101 report, grades in the proven section of the resource were reckoned at 2.75 grams per tonne gold, while the grade in the probable reserve was put at 3.64 grams per tonne gold.

The critical path for the development of the project remains the completion of the environmental impact assessment, including the validation of the impacts on the local communities and the gaining of the social licence for the project.

READ: Metminco's full attention switches to Colombia after Los Calatos sale

"The lodging of the PTO is a significant step towards mine development at Miraflores,” said managing director William Howe.

“Although further testing of water for the EIA will delay the submission of the document to the CARDER for approval, the company is still on track to have all of its approvals for mine development during 2018. The company continues to work closely with all stakeholders as it moves towards development of the Miraflores project."

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Mon, 29 Jan 2018 08:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190732/metminco-submits-plan-of-works-for-miraflores-190732.html
<![CDATA[Media files - Metminco keen to start construction at Miraflores project mid-2018 ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8462/metminco-keen-to-start-construction-at-miraflores-project-mid-2018-8462.html Fri, 01 Dec 2017 12:51:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8462/metminco-keen-to-start-construction-at-miraflores-project-mid-2018-8462.html <![CDATA[News - Metminco draws attention in London as it emerges from slumber ]]> https://www.proactiveinvestors.com.au/companies/news/187991/metminco-draws-attention-in-london-as-it-emerges-from-slumber-187991.html With half of the small-cap mining world here in London for three big conferences this week there has been plenty of chatter about stocks ready to pop.

Of course we have our spies in the wine bars around the Business Design Centre, Islington (host to Mines & Money 2017) and the hostelries on the narrow streets running from Fenchurch Street (where the Mining 121 gathering is being held).

And one name is being mentioned more than most: Anglo-Aussie microcap Metminco Ltd (LON:MNC, ASX:MNC), which, judging from the share price chart, is showing signs of life after a protracted hibernation.

READ: Metminco's full attention switches to Colombia after Los Calatos sale

The sale of its 49% stake in Los Calatos copper project, Peru, for US$5mln appears to have precipitated a change in tack of the group.

It is now focused on the Miraflores gold project, in Colombia, which is host to a ‘proved and probable’ 457,000 ounces of the yellow metal along with 385,000 ounces of silver.

Feasibility study completed

Flicking through the latest corporate presentation reveals a feasibility has been completed on the asset with gold production set to begin in the first half of 2019.

The mine is expected to produce around 45,000 ounces of gold a year for the next nine-and-a-half years at an all-in sustaining cost of US$643 an ounce.

Capital investment required under US$72mln

The capital investment required is put at just under US$72mln – which is bargain in a world where projects can run into the hundreds of millions of dollars.

What you are also buying into with Metminco is significant exploration upside, targeting 10mln ounces of gold.

A small note here: Metminco is funded to the decision to mine stage.

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Wed, 29 Nov 2017 14:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187991/metminco-draws-attention-in-london-as-it-emerges-from-slumber-187991.html
<![CDATA[News - Metminco's full attention switches to Colombia after Los Calatos sale ]]> https://www.proactiveinvestors.com.au/companies/news/179879/metminco-s-full-attention-switches-to-colombia-after-los-calatos-sale-179879.html Metminco Ltd (LON:MNC) has received payment of US$5mln for its 49% of the Los Calatos copper project in Peru.

The sale was flagged earlier in June with the proceeds to be used to move forward the Miraflores gold project in Colombia.

If it goes ahead, Miraflores is expected to produce 50,000oz gold annually over a nine-year mine life.

 

Next steps at Miraflores

Next steps at Miraflores will be the completion of a feasibility study and submission of the Environmental Impact Assessment (EIA).

The feasibility study is scheduled to be completed during the third quarter with the EIA to be lodged by the end of year.  

Progress as planned would see construction at Miraflores start during the second quarter next year with gold production from the first half of 2019.

A scoping study indicated average all-in sustaining cost of US$648/oz with pre-production capital estimated to be US$81mln.

Miraflores is part of the Quinchia Gold Portfolio, which also includes the potentially highly prospective gold porphyry prospects of Tesorito and Chuscal. 

 

Transformational backbone

William Howe, managing director, said: "The Los Calatos sale provides the company with the required funding to complete the Miraflores feasibility study and EIA, two significant milestones for the company.

“We believe the planned development of the Miraflores gold mine will provide the backbone for transforming the company into a significant gold producer. 

“Tesorito and Chuscal are known gold mineralised prospects that have the potential to considerably enhance gold production from the planned Miraflores plant.”

READ: Howe explains reasons for Los Calatos sale

 

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Tue, 27 Jun 2017 08:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179879/metminco-s-full-attention-switches-to-colombia-after-los-calatos-sale-179879.html
<![CDATA[News - Metminco to sell remaining 49% stake in the Los Catalos project in Peru for US$5mln in cash ]]> https://www.proactiveinvestors.com.au/companies/news/179236/metminco-to-sell-remaining-49-stake-in-the-los-catalos-project-in-peru-for-us5mln-in-cash-179236.html Metminco Limited (LON:MNC) (ASX:MNC) shares jumped 15% higher today after the miner struck a binding deal to sell its remaining 49% stake in the Los Catalos project in Peru for US$5mln in cash.

The move comes as the dual-listed group looks to offload the Peru project, which is currently in the feasibility study stage, so it can plough all of its efforts into the Miraflores gold and silver project in Colombia.

In late morning trading, Metminco shares were 15.4%, or 0.5p higher at 3.75p.

READ: Metminco on schedule at Miraflores says chief executive

In a statement, Metminco said: "There is no guarantee that Los Calatos will eventually be developed into a producing mine and so holding onto that stake has risks as well as potential opportunities.

“After detailed consideration, the board formed the view that monetising the value of the company's' interest in the Los Calatos project now would benefit existing shareholders more than the previously proposed in specie distribution of shares."

The firm added: "Most likely it would be some years before shareholders would benefit from the Los Calatos project, whereas cash from its sale can flow into the Miraflores gold project and benefit shareholders in the short term, while also minimising dilution from equity raisings to fund the Miraflores gold project."

Metminco also provided an investor Q&A briefing on the Los Catalos disposal.

In a note to clients, analysts at RFC Ambrian said: “In the context of the company’s market cap of A$7.3mln (US$5.5mln), a US$5mln cash sale of its interest in Los Calatos is very positive.

“However, we doubt that this was an easy decision to make given the company’s long history with Los Calatos and the significant expenditure that it has made into it.”

They added; “Although probably not economic at current copper prices, the project is relatively well defined, with work moving towards the completion of a pre-feasibility study, and we have viewed it as having significant option value.

“Ultimately, however, it has not been possible for Metminco to maintain this interest.”

RFC Ambrian reiterated a ‘speculative buy’ rating on Minmetco shares.

Opportunity to release funds

William Howe, Metminco’s managing director, said: "Los Calatos has been an important asset in the development of the Company, however, the opportunity to release these funds will enable the Company to take the Miraflores project through to a decision to mine, when the real value can be achieved.”

Metminco is currently aiming to complete the feasibility study for the Miraflores project in the third quarter of 2017 before moving into the development phase.

An environmental impact study will be submitted to authorities before the end of this year, with the miner hoping to launch production in the first half of 2019.

READ: Metminco completes first part of Los Calatos farm-out

Last year, Metminco sold off a majority stake in Los Catalos to CD Capital Natural Resources Fund III LP, the same company that is to buy the remaining 49% stake in the mine.

CD Capital paid an initial UU$16mln for its existing 51% stake in the project and agreed to carry Metminco's costs on Los Catalos under the deal last year, investing up to US$45mln to complete the feasibility study for the project.

Metminco said today’s the deal means it has sourced cash to develop Miraflores without diluting shareholders.

The miner said the consideration means it is fully funded to a decision to mine with completion of the Miraflores feasibility study but admitted that "additional funding will be required to finance the construction and early operational phase of the project".

READ: Metminco says Redfield has increased its holding in the company

In a separate announcement today, Metminco revealed that Redfield Asset Management has acquired a further 1.5mln shares in the business to push its total holding to 12.5 million shares, equal to an 9.83% stake in miner, up from 8.62% previously.

  -- Adds broker comment --

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Wed, 14 Jun 2017 11:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179236/metminco-to-sell-remaining-49-stake-in-the-los-catalos-project-in-peru-for-us5mln-in-cash-179236.html
<![CDATA[News - Metminco says Redfield Asset Management has increased its holding in the company to 9.83% from 8.62% ]]> https://www.proactiveinvestors.com.au/companies/news/179202/metminco-says-redfield-asset-management-has-increased-its-holding-in-the-company-to-983-from-862-179202.html Metminco Limited (LON:MNC) (ASX:MNC) said it has been informed that Redfield Asset Management Pty Limited increased its holding in the company to 9.83% following share purchases over the past three months.

The dual-listed gold miner said Redfield acquired 1,533,834 fully paid ordinary shares in the company between 23 March 2017 and 9 June 2017 at an average price of A$0.6356 per share. 

READ: Metminco sees Lanstead take 20% stake

It added that this has increased Redfield's shareholding from 10,970,464 shares, representing 8.62% of the company's issued share capital as at 3 February 2017, to 12,504,298 shares representing 9.83% of the company's issued share capital as at June 14.

In early trading, Metminco shares in London jumped 15.4%, or 0.5p higher to 3.75p.

Back in February, Metminco revealed that it had a new major shareholder in the shape of financier Lanstead Capital, with a 19.9% holding following a share placing.

The group completed a A$4.85mln placing that will fund the next phase of development at the Miraflores project in Colombia. Lanstead paid A$0.12 for its shares.

Metminco also holds a 49% stake in the Los Calatos copper project in Peru.

 -- Adds share price --

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Wed, 14 Jun 2017 08:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179202/metminco-says-redfield-asset-management-has-increased-its-holding-in-the-company-to-983-from-862-179202.html
<![CDATA[News - Metminco on schedule at Miraflores says chief executive ]]> https://www.proactiveinvestors.com.au/companies/news/177154/metminco-on-schedule-at-miraflores-says-chief-executive-177154.html Gold and copper junior Metminco Limited (LON:MNC) is making good progress at its Miraflores gold project in Colombia and expects to complete a feasibility study in the third quarter.

Completion of the baseline monitoring for the Environmental Licence (EIA) is another critical element and submission to the relevant authorities will be by the end of 2017.

Bill Howe, chief executive, said work to date at Miraflores had been ‘highly encouraging’.

Designing is now underway on the underground mine and infrastructure.  Metallurgical testing has confirmed historic recoveries and work has started on the current ore at Miraflores to identify the best extraction process.

“The company's firm target of becoming a gold producer with the planned development of the Miraflores Project in the first quarter 2019 is unchanged," he said.

“At Los Calatos [Peru], work towards completion of the pre-feasibility study is progressing well. We are highly positive towards the outcome of this study in light of steadily improving copper fundamentals.”

In April, the junior received US$300,000 from the convertible note facility with Redfield with the remaining $450,000 to be received no later than 12 May 2017.  Metminco also has a funding facility with Lanstead Capital.

Shares dipped 6% to 4.25p.

--updates for share price--

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Tue, 02 May 2017 10:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177154/metminco-on-schedule-at-miraflores-says-chief-executive-177154.html
<![CDATA[News - Metminco reports major milestones in its strategy to reach gold production ]]> https://www.proactiveinvestors.com.au/companies/news/175835/metminco-reports-major-milestones-in-its-strategy-to-reach-gold-production-175835.html Metminco Limited (LON:MNC) said it made positive progress last year in its strategy to reach gold production with the acquisition of the Quinchia gold portfolio in Colombia.

The company bought the Quinchia portfolio, located in Colombia’s Middle Cauca Belt, in June. It has an estimated mineral resource of 2.8mln ounces of gold.

The portfolio contains gold deposits and significant exploration and development targets including Miraflores, Tesorito, Chuscal and Dosquebradas.

Metminco expects to begin construction of the Miraflores mine in the second quarter of 2018 as it advances the feasibility study. The Miraflores project is forecast to produce 50,000 ounces of gold per year over a life of mine of nine years. 

In Peru, Metminco secured funding of up to A$45mln to advance the copper molybdenum project, Los Calatos, toward completion of a bankable feasibility study.

The investments in its expansion meant Metminco reported a loss for the year of A$124mln, compared to A$49mln in 2015.

The wider loss also reflected expenditure relating to care, maintenance and legal costs at the company’s Chilean projects, Mollacas, Vallecillo and Loica. It was also partly due to writing off A$407,300 worth of licences in Colombia.

“Metminco's growth strategy is to become a gold producer in the near term whilst maintaining a longer term interest in gold and copper within South America, in particular Colombia, Peru and Chile,” the company said in a statement.

Metminco retains full ownership of a portfolio of gold, copper and other base metal projects located within metallogenic belts associated with the Andean Cordillera in Chile. These projects have the potential to contribute significantly to shareholder value in the future, the group said. 

Separately, the company announced it has signed a binding term sheet with Redfield Asset Management and Redfield Advisory in relation to a convertible note facility of A$0.75mln. Proceeds from the convertible notes will be used for the Miraflores feasibility study and working capital.

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Mon, 03 Apr 2017 10:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/175835/metminco-reports-major-milestones-in-its-strategy-to-reach-gold-production-175835.html
<![CDATA[News - More gold and silver for Metminco at Miraflores ]]> https://www.proactiveinvestors.com.au/companies/news/174747/more-gold-and-silver-for-metminco-at-miraflores-174747.html Metminco Limited (LON:MNC) has boosted the resource base at the Miraflores gold deposit in Colombia.

Following work completed by mining consultant MMC the new totals now stand at 9.27 mln tonnes of ore grading 2.28 grams per tonne gold and 2.77 grams silver in the measured and indicated categories, with a further 0.49 mln tonnes grading 2.36 grams gold and 3.64 grams silver inferred.

All-in-all that represents a boost of 8,000 ounces in the measured and indicated category and 29,000 ounces inferred.

The measured and indicated resource now amounts to 840,000 ounces of gold and 826,000 ounces of silver.

Managing director Bill Howe spoke of the “excellent progress” the company is making, and said that work on the feasibility study should be complete by the end of May.

 

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Tue, 14 Mar 2017 07:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174747/more-gold-and-silver-for-metminco-at-miraflores-174747.html
<![CDATA[News - Metminco sees Lanstead take 20% stake ]]> https://www.proactiveinvestors.com.au/companies/news/172857/metminco-sees-lanstead-take-20-stake-172857.html Metminco Limited (LON:MNC ASX:MNC) has a new major shareholder in the shape of financier Lanstead Capital with a 19.9% holding.

The dual-listed junior has just completed a A$4.85mln placing that will fund the next phase of development at the Miraflores project in Colombia.

The company used the fund raising to detail the expected milestones over the next six months.

Milestone 1: April 2017 -  decision by the Corporación Autónoma Regional de Risaralda (CARDER) on Metminco's application to commence underground development in the second half of 2017 at Miraflores under the current approved EIA licence.

Milestone 2: April 2017 -  completion of metallurgical testwork to confirm previous results following conditions established from the Feasibility Study test program, and to obtain additional design parameters (Phase 1 testwork).

Milestone 3: May 2017 -  completion of Phase 2 metallurgical testwork on flotation concentrate and tailings for the Feasibility Study.

Milestone 4: First Half 2017 - completion of the Bankable Feasibility Study.

Metminco added it has also applied under its existing approved EIA [environmental permit] to commence early underground development in the second half of 2017 at Miraflores. 

If this is allowed it would provide an opportunity to carry out a material amount of development work in advance of the mine build, which would reduce the lead ramp up time when Miraflores comes on stream.

The target is annual gold production of 50,000 oz.

Metminco also holds a 49% stake in the Los Calatos copper project in Peru.

Lanstead paid A$0.12 for its shares.

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Wed, 08 Feb 2017 11:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172857/metminco-sees-lanstead-take-20-stake-172857.html
<![CDATA[News - Metminco raises US$4.85mln to complete Miraflores study ]]> https://www.proactiveinvestors.com.au/companies/news/169126/metminco-raises-us485mln-to-complete-miraflores-study-169126.html Metminco Limited (LON:MNC, ASX:MNC) is to raise A$4.85mln (£2.9mln) to move forward its Miraflores gold project in Colombia.

Shares will placed at the equivalent of 0.14p in two tranches.

Institutions will take the first 10% while financiers Redfield, Lanstead and Bill Howe, the company’s managing director, will either take or find buyers for the rest.

Lanstead is taking by far the biggest chunk of the shares.

The money will be used for a feasibility study at Miraflores that is scheduled to be completed in the first half of 2017 and for permitting and working capital. 

It will be enough for the study but not all of the permitting including baseline environmental monitoring. 

Howe said he was pleased to have attracted long term investors in the capital raising, which was a strong vote of confidence in the economics of Miraflores.

He added Miraflores was only a part of the larger Quinchia Gold Portfolio, which has substantial upside potential including the significant gold porphyry system targets of Tesorito, Dosquebradas and Chuscal.

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Thu, 17 Nov 2016 07:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169126/metminco-raises-us485mln-to-complete-miraflores-study-169126.html
<![CDATA[News - Metminco quarterlies highlight progress in Peru and Colombia ]]> https://www.proactiveinvestors.com.au/companies/news/168338/metminco-quarterlies-highlight-progress-in-peru-and-colombia-168338.html Shares in Metminco Ltd (LON:MNC, ASX:MNC) ticked up by just over 3% after the company issued a quarterly update that reminded the market of the potential of its Quinchia gold portfolio in Colombia.

The key Miraflores prospect was the subject of an economic study released during the previous quarter which demonstrated the viability of a project producing 50,000 ounces of gold per year over a nine year life at all in sustaining costs of US$648 per ounce.

The cost to build such an operation at Miraflores was put at US$98 mln.

Meanwhile, at Los Calatos the first tranche of funding from joint venture partner CD Capital has now been received.

The company has also now received the cash from a A$1 mln placing that it completed in October and is in talks about potential funding for a full-blown feasibility study at Miraflores. 

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Tue, 01 Nov 2016 08:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168338/metminco-quarterlies-highlight-progress-in-peru-and-colombia-168338.html
<![CDATA[News - Metminco completes first part of Los Calatos farm-out ]]> https://www.proactiveinvestors.com.au/companies/news/167839/metminco-completes-first-part-of-los-calatos-farm-out-167839.html Metminco Limited  (LON:MNC ASX:MNC)  has completed the disposal of a 51% stake in the Los Calatos copper deposit in Peru to CD Capital Natural Resources Fund III.

The fund has committed to invest US$16mln in Los Calatos for its stake, which will rise to US$45mln if CD Capital exercises an option to take 70% of the project through two more investments of US$14.5mln each time.

Work will begin immediately on a pre-feasibility study said Metminco

Carmel Daniele, the chief investment officer of CD Capital said it was unique opportunity to develop a large scale copper mine. 

Bill Howe, Metminco’s managing director, added that the funding would allow it to move Los Calatos materially up the value chain and realise its “massive potential.”

Shares rose 3% to 0.16p.

 

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Mon, 24 Oct 2016 10:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167839/metminco-completes-first-part-of-los-calatos-farm-out-167839.html
<![CDATA[News - Metminco Ltd raises funds for Colombia development ]]> https://www.proactiveinvestors.com.au/companies/news/166114/metminco-ltd-raises-funds-for-colombia-development-71088.html Metminco Ltd (ASX:MNC, LON:MNC) has raised A$1 million (£0.57 million) to put towards Miraflores, its new gold project in Colombia.

Circa 422 million shares were issued at A$0.00237 (£0.00135) to sophisticated and professional shareholders.

A scoping study recently indicated an underground mine producing 50,000 ounces of gold per year would be a viable option and the money raised will help fund a more detailed assessment of this plan.

William Howe, Metminco’s managing director, said: "The placing forms part of the company's strategy to advance the development of the Miraflores project.

“The company is now in a position to begin this development phase, whilst also assessing a number of strategies to fund the project through to the construction phase.”

The recent study demonstrated the potential to produce strong cashflows early in the project's life, he added.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 20 Sep 2016 07:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166114/metminco-ltd-raises-funds-for-colombia-development-71088.html
<![CDATA[News - Metminco raises A$1mln for Colombia development ]]> https://www.proactiveinvestors.com.au/companies/news/166073/metminco-raises-a1mln-for-colombia-development-166073.html Metminco Limited (LON:MNC ASX:MNC) has raised A$1mln (£0.57mln) to put towards Miraflores, its new gold project in Colombia.

A scoping study recently indicated an underground mine producing 50,000 ounces of gold per year would be a viable option and the money raised will help fund a more detailed assessment of this plan. 

William Howe, Metminco’s managing director, said: "The placing forms part of the company's strategy to advance the development of the Miraflores project.

“The company is now in a position to begin this development phase, whilst also assessing a number of strategies to fund the project through to the construction phase.”

The recent study demonstrated the potential to produce strong cashflows early in the project's life, he added.

The placing saw shares issued at 0.237c (0.135p). The shares closed at 0.154p on Friday.

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Mon, 19 Sep 2016 07:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166073/metminco-raises-a1mln-for-colombia-development-166073.html
<![CDATA[News - Interim results show Metminco as a company transformed ]]> https://www.proactiveinvestors.com.au/companies/news/165761/interim-results-show-metminco-as-a-company-transformed-165761.html The six months to June 2016 were transformational for Metminco Limited (LON:MNC)(ASX:MNC).

During the period the company acquired the Quinchia gold portfolio in Colombia, with its associated 2.8 mln ounces of gold, including measured and indicated resources of 832,000 ounces of gold and 817,000 ounces of silver.

A plan is in place to deliver near-term production from the Miraflores project, which lies within Quinchia, and which contains 455,000 ounces of gold and 368,000 ounces of silver.

At a stroke that will transform Metminco into a gold producer, giving it more time and control over its choices for its longer-term development portfolio, which is primarily focussed on copper in Peru.

But here too, there has been progress. A major new partner has been brought into the Los Calatos project in CD Capital, to the point where up to US$45 mln will be spent on the project in return for a 70% earn-in.

And, over at the Mollacas asset the company has now settled all legal disputes with the landowner and is considering further options.

Metminco had US$600,000 at the end of the period.

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Tue, 13 Sep 2016 07:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165761/interim-results-show-metminco-as-a-company-transformed-165761.html
<![CDATA[News - Metminco to go underground at Miraflores after scoping study stacks up ]]> https://www.proactiveinvestors.com.au/companies/news/163636/metminco-to-go-underground-at-miraflores-after-scoping-study-stacks-up-163636.html Metminco Limited (LON:MNC) will concentrate on an underground gold mine at Miraflores in Colombia after a scoping study lowered the projected operating and upfront costs.

Miraflores has an estimated resource of 832,000oz gold and 817,000oz silver and the study envisages production of 50,000 ounces per year gold equivalent over the mine’s life.

That is lower than previously suggested but Bill Howe, managing director, said this was justified by the economics in the report.

“The potential to reduce capital costs significantly, as indicated by this study, together with the social and environmental advantages relating to the smaller footprint for the project, make this development option an achievable target for the company," he said.

Costs to build the mine are estimated by consultant SRK at US$81mln with a further US$17mln over its predicted nine-year life.

Operating costs were estimated at US$555 per ounce and all–in-costs US$648 against US$682 previously.

At a price of US$1,300 per ounce for gold, the mine would generate annual underlying income [EBITDA] of US$31.7mln, have a net present value of US$73mln and make a return of 26% on the capital invested.

Howe said the technical assessment and financial model showed underground mining at Miraflores was technically and financially robust.

 

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Thu, 08 Sep 2016 08:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163636/metminco-to-go-underground-at-miraflores-after-scoping-study-stacks-up-163636.html
<![CDATA[News - Metminco Ltd's Los Calatos chief departs main board ]]> https://www.proactiveinvestors.com.au/companies/news/165240/metminco-ltds-los-calatos-chief-departs-main-board-70887.html Metminco Ltd (LON:MNC) executive director Stephen Tainton has stepped down from the board to concentrate on the Los Calatos project.

Tainton has been in charge of the copper development in Peru since 2013 and following its farm-out to natural resources fund CD Capital that will remain his focus.

Metminco, which has switched its attention to gold in Colombia, won’t immediately replace Tainton on the board, it said.

 

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Wed, 07 Sep 2016 07:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165240/metminco-ltds-los-calatos-chief-departs-main-board-70887.html