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RNS Number : 3220H Phoenix Copper Limited 19 March 2024
19 March 2024
Phoenix Copper Limited
("Phoenix" or the "Company")
Purchase of Empire Processing Equipment Finalised
Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM
quoted USA-focused base and precious metals emerging producer and exploration
company, is pleased to provide an update on the purchase of equipment for the
Empire Open-Pit Mine (the "Project") in Idaho, USA, further to the
announcement on 19 February 2024.
Purchase of Equipment
The Company has now finalised the purchase of two pre-owned ball mills for a
total of US$1.1million, including taxes and estimated transportation costs.
The equipment was thoroughly inspected, motors tested, and the parts and
components inventoried and catalogued prior to the purchase. The mills are
expected to be transported to Idaho in the summer months.
Similar brand-new equipment typically costs around US$7-8million for both ball
mills and has a lead-in time of around 12 months. The pre-owned equipment
purchase therefore reduces the capital expenditure required by the Company to
bring the Project into production, which will be reflected in the
pre-feasibility study currently being finalised.
The Company will continue to source additional pre-owned equipment in order to
further improve the Project economics. However, Phoenix does not intend to
update the market on all future equipment purchases, unless they materially
affect the Project's economics.
Environmental, Social, and Corporate Governance
Phoenix is committed to meeting and exceeding the environmental standards
required by law as a core value of the Company. The baseline environmental
data collected to date will be used to further the permitting process, but as
importantly, will be used as the building blocks for the Company's ongoing
Environmental, Social, and Corporate Governance (ESG) platform, overseen by
the Company's ESG & Sustainability Committee. The Company has published
its inaugural Sustainability Report, which can be viewed on the Company's
website.
For further information, please visit https://phoenixcopperlimited.com
(https://phoenixcopperlimited.com/)
Contacts
Phoenix Copper Limited Ryan McDermott Tel: +1 208 954 7039
Brittany Lock Tel: +1 208 794 8033
Richard Wilkins Tel: +44 7590 216 657
SP Angel Corporate Finance LLP (Nominated Adviser) David Hignell / Caroline Rowe / Kasia Brzozowska Tel: +44 20 3470 0470
Tavira Financial Limited (Joint Broker) Jonathan Evans / Oliver Stansfield Tel: +44 20 7100 5100
WH Ireland (Joint Broker and Joint Bookrunner) Harry Ansell / Katy Mitchell Tel: +44 20 7220 1666
Panmure Gordon (UK) Limited (Joint Broker and Joint Bookrunner) Mark Murphy / Will Goode / Joseph Tan Tel: +44 20 7886 2500
EAS Advisors (US Corporate Adviser) Matt Bonner / Rogier de la Rambelje Tel: +1 (646) 495-2225
BlytheRay Tim Blythe / Megan Ray Tel: +44 20 7138 3204
(Financial PR)
Notes
Phoenix Copper Limited is an emerging producer and exploration company
specializing in base and precious metals, with an initial focus on copper,
gold, and silver extraction from an open-pit mining operation within the
United States.
Located in the historic Alder Creek mining district near Mackay, Idaho,
Phoenix's flagship asset is the Empire Mine, in which the Company holds an 80%
ownership stake. The historic Empire underground mine, located beneath the
surface of the Company's proposed open pit, boasts a rich history of producing
high-grade copper, gold, silver, zinc, and tungsten.
Since 2017, Phoenix has executed extensive drilling initiatives, resulting in
an expansion of the Empire Open-Pit resource by over 200%. The measured and
indicated resource currently stands at 22,909,059 tonnes, with an average
grade of 0.38% copper, 0.324 grams per tonne ("g/t") gold, 10.3 g/t silver,
and 0.19% zinc. This resource represents 87,543 tonnes of copper, 238,406
ounces of gold, and 7,595,198 ounces of silver.
In addition to the Empire Mine, Phoenix's holdings in the district also
encompass the Horseshoe, White Knob, and Blue Bird Mines, all of which have
been producers of copper, gold, silver, zinc, lead, and tungsten from
underground operations, a new high-grade silver and lead orebody at Red Star,
and the Navarre Creek gold exploration project, which was first drilled in
2023. The Company's land package at Empire spans 8,434 acres (34.13 sq km).
Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been established with Electra
Battery Materials, Toronto, concerning one of these properties.
Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX
Market (PXCLF and PXCLY (ADRs)). More details on the Company, its assets and
its objectives can be found on PXC's website
at https://phoenixcopperlimited.com/
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