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Macarthur Minerals Seeks TSX-V Approval to Close Financing on the Lake Giles Iron Ore Project05.07.2019 | 14:00 Uhr | GlobeNewswire
VANCOUVER, July 05, 2019 - Macarthur Minerals Ltd. (TSX-V: MMS, OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that final approval is being sought from the TSX-V to close the private placement offering (the “Offering”) of US$6 million of secured Convertible Note (“Note”) as previously announced on March 19, 2019. The proceeds of the Offering will be used to complete a Bankable Feasibility Study (“BFS”) on Macarthur’s Lake Giles Iron Ore Project (“Project”) in Western Australia. The BFS will include a 54-hole infill drill program to obtain metallurgical samples and convert Inferred and Indicated mineral resources to a Measured category. Macarthur owns 100% of the Lake Giles Iron Ore Project. The Project incorporates the Mineral Resources of the Moonshine Magnetite Project and the Ularring Hematite Project. The Moonshine Magnetite resource contains Inferred Mineral Resources of approximately 710 mt at 30.2% Fe. The Ularring Hematite resource includes Indicated Mineral Resources of approximately 54.46 Mt at 47.2% Fe and Inferred Mineral Resources of approximately 25.99 Mt at 45.4% Fe. The mineral resource estimates were detailed as previously announced on June 17, 2019 filed under the Preliminary Economic Assessment (“PEA”) undertaken by independent consultants Engenium Pty Ltd (“Engenium”) for a 2.5 to 3.4 Mtpa operation incorporating the Moonshine Magnetite and Ularring Hematite Mineral Resources to produce a high-grade blended concentrate in excess of 65% Fe. The technical and financial evaluation in the PEA indicates the Project is potentially economically viable and further project development is justified. Cameron McCall, Executive Chairman of Macarthur Minerals commented; “Macarthur has invested over C$60 million in the Lake Giles Iron Ore Project. We have moved the Project along the development path through the completion of the Convertible Note that will fund the Bankable Feasibility Study. Macarthur’s development focus will be on the high-quality, low impurity magnetite resource and to commercialise the hematite resource given the ongoing robust iron ore pricing. With the investment made by the Company during the last high iron price cycle, what will make the difference, is speed to market and access to existing under-utilized rail and port infrastructure. The ongoing disruption in iron ore supply, along with China’s quest for cleaner skies, underpins the demand for high grade, low impurity iron ore, making Macarthur’s product ideally suited to fill this supply gap.” The Note is structured around these key terms:
ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, OTCQB: MMSDF) Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Ore Project includes the 80 million tonne Ularring hematite resource (approved for development) and the 710 million tonne Moonshine magnetite resource. Macarthur has prominent (~1,130 square kilometer tenement area) gold, lithium and nickel exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. On behalf of the Board of Directors, “Cameron McCall” Company Contact For further information please contact: Neil Simon THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Caution Regarding Forward Looking Statements Dieser Artikel stammt von Rohstoff-Welt.de
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