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Strategic Minerals PLC

Strategic Minerals now set to gain full control of Redmoor on May 30

Strategic Minerals will aim to move Redmoor into the pre-feasibility stage

Location of Redmoor

Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) will complete on the acquisition of the 50% stake in Cornwall Resources that it is acquiring from New Age Exploration Ltd, on 30 May 2019.

The news comes after New Age Exploration established that it isn’t required to refer the decision to sell the stake to a general meeting of its shareholders.

WATCH: Strategic Minerals to take full ownership of Redmoor

Cornwall Resources is the joint venture vehicle that is currently developing the Redmoor tin and tungsten project in Cornwall.

“Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor tin-tungsten project has engendered,” said John Peters, managing director of Strategic Minerals.

"We are pleased that subject to standard documentation, the contract will settle at the end of May 2019 and the company will gain full control on project timing and investment. The company looks forward to developing Redmoor to pre-feasibility status, at which time it believes it can better demonstrate the project's underlying value to the market."



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Market: AIM
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