Source - RNS
RNS Number : 7758X
Phoenix Global Mining Ltd
14 August 2018
 

14 August 2018

Phoenix Global Mining Ltd ('Phoenix' or the 'Company')

Result of General Meeting

Phoenix Global Mining Ltd (AIM:PGM.L), the AIM quoted North American-focused base and precious metals exploration and development company, is pleased to announce that all resolutions put forward at its General Meeting held earlier today, were approved by shareholders.

Commenting on the results of the General Meeting, the Company's Chairman, Marcus Edwards-Jones, said:

"I am delighted that the share consolidation was well received and duly passed by shareholders today. This will enable us to proceed with our proposed listing on the New York OTCQX Market. We have already been cleared by the relevant US authorities and are now listed on the OTC PINK market. Now we will work towards upgrading to the OTCQX Market, hopefully by the end of September.

"As previously announced, we believe this will be a transformational step for the Company as it will offer improved access of Phoenix's shares to a wider range of North American investors, where our assets are based.

"I would like to thank our shareholders for their continued support, and we look forward to reporting further, both, on the New York listing as well as ongoing progress at our flagship Empire project in Idaho."

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.



**ENDS**

 For further information please visit www.pgmining.com or contact:

Phoenix Global Mining Ltd

Dennis Thomas / Richard Wilkins

Tel: +44 7827 290 849 (Dennis)

+44 7590 216 657 (Richard)

 

SP Angel

(Nominated Adviser and Joint Broker

 

Lindsay Mair / Caroline Rowe

Tel: +44 20 3470 0470

Brandon Hill Capital (Joint Broker)

 

Jonathan Evans / Oliver Stansfield

Tel: +44 20 3463 5000

Blytheweigh (Financial PR)

Tim Blythe/Camilla Horsfall

Tel: +44 20 7138 3204

 

Notes

Phoenix Global Mining Ltd (AIM: PGM) is a North American focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production, and exploring for cobalt in Idaho and gold in Canada.

PGM's flagship project is a brownfield, past producing, copper, gold, silver, zinc and tungsten underground mine, the Empire Mine near Mackay in Idaho. PGM acquired an 80% interest in the property in 2015. Based on a total of 315 drill holes a NI 43-101 compliant oxide resource was completed in late 2017. A PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning (SX-EW) mine was completed in April 2018 with a design capacity of 8,000 tonnes of copper cathode a year. In June 2018 a campaign consisting of 12,200 metres of reverse circulation (RC) and diamond core drilling was started. This programme is designed to upgrade and increase the oxide reserves, provide samples for ongoing metallurgical testwork, geotechnical and hydrological studies and condemnation drilling for the heap leach pad site, waste dump and plant site. At the same time the consultants were appointed to complete a NI 43-101 compliant BFS (bankable feasibility study). The lead consultant is RPM Global who are supported by Samuel Engineering, both based in Denver, Colorado. Cascade Earth Sciences of Pocatello, Idaho have been working on environmental and permitting issues since 2016 and form part of the BFS team. Golder Associates are designing the heap leach pad and ponds, and Call and Nicholas are carrying out the open pit slope stability studies. The completion of the BFS is scheduled for Q2 2019.

At Empire, it is estimated that only 5% of the potential ore system has been explored to date and, accordingly, there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides. In addition, PGM has increased the claim area from 813 acres at the time of its acquisition to 1,837 acres, mainly to the northwest, and in so doing has increased the potential for additional oxide and sulphide resources by a total strike length of approximately 1,500 metres towards another brownfield mine, the Horseshoe Mine, which is now within the property boundary.   

The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine.  These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and First Cobalt.  Exploration will continue during 2018 to identify drilling targets. Fieldwork is already underway. 

The Company has also acquired an exclusive option to explore and develop the Gordon Lake Project, in the Northwest Territories, Canada, which is a high-grade shear hosted gold project comprising of 17 known mineralised zones of which only four have been tested with 59 diamond drill holes.  The Company will proceed to examine the optimal way forward to develop the project as a low-cost underground gold producer.

With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal, precious metal and cobalt production company, offering exposure to three high value and high demand metals with compelling demand/supply fundamentals.

More details on the Company, its assets and its objectives can be found on PGM's website at www.pgmining.com

 


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