Cadence Minerals PLC - Bacanora Sonora Lithium Project Update
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Lithium (BCN) - Sonora Lithium Project Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) ("Bacanora") on its activities at the
Cadence Minerals - Holdings in BCN, Mexalit and Megalit:
Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the
Ganfeng Review and Process Testwork
The Bacanora project team in
The feasibility study indicated highly favourable economic indicators for a battery grade lithium carbonate operation at Sonora, including
Once Ganfeng completes its review, Bacanora will deliver final engineering costs for Stage 1 of the Project, following which Bacanora will look to finalise the funding package for the Project. At this stage, the Company believes that the engineering costs will remain in line with the 2018 Feasibility Study forecast of approximately
The recent 29.99% equity investment by Ganfeng Lithium and their 22.5% investment at the project level, in combination with a combined 100% off-take held by
General Market Conditions
There have been a number of media reports over the past few months highlighting the impact of an over-supply of lower grade bulk spodumene concentrates from
The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14301803.html
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
This information is provided by RNS, the news service of the
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