Minco PLC restructuring : Sale of Curraghinalt Royalty Posted on 31/07/2017 13:50:14
Minco PLC restructuring : Sale of Curraghinalt Royalty
At an EGM today 26 July 2017, Minco shareholders voted overwhelmingly (99.99%) to sell its 2% royalty in the Curraghinalt gold project in Co Tyrone to Dalradian in exchange for Dalradian shares valued c CDN$ 25 M; the shares will be distributed to Minco shareholders as part of a capital restructuring which also involves Buchans Mining Ltd .
The EGM heard a presentation by Eric Trembley, COO of Dalradian; Highlights were
· Gold Resources 4.4 M ozs
· Feasibility Study positive; 94% gold recovery; test stopes by QME v satisfactory
· Finance; CDN$ 40 M raised via warrants, a further CDN$ 47M in place.
· Planning Application; pending
Buchans and another company CanZinc -associated with Minco CEO John Kearney- have substantial Zn resources in Newfoundland in Canada i.e. multiple small polymetallic deposits centred on the former mines at Duck Pond (Teck) and at Lundeberg (Buchans). Reopening one of these mines as a regional processing centre is the plan.
Minco’s other interests which will be taken over by Buchans are Tatestown deposit near Tara (2.4 Mt @ 7% combined zinc + lead) , Moate and Pennines exploration.
Following completion of the capital restructuring in August, Minco will be delisted. Buchans is likely to be listed in Canada later this year while Dalradian is already traded in Canada and London (AIM).
Minco – soon to be incorporated into Buchans Mining Ltd- is the successor of the Northgate /Irish Base metals / Ennex group of companies, involved in the discovery of several mineral deposits in Ireland, including Tynagh, Gortdrum, Tara, Pallas Green and Curraghinalt.