REG - Atalaya Mining PLC - Environmental Authorisation Granted to PMV

Atalaya MiningAnnouncement

28/03/2023 07:00

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RNS Number : 3771U  Atalaya Mining PLC  28 March 2023

Atalaya Mining Plc

1 Lampousas Street

1095 Nicosia, Cyprus

Tel: +357 22442705

Fax: +357 22442708

www.atalayamining.com

 

28 March 2023

Atalaya Mining Plc.

("Atalaya" or "the Company")

Environmental Authorisation Granted to Proyecto Masa Valverde

Deposit has potential to deliver higher grade material to the Riotinto plant

 

Atalaya Mining Plc (AIM: ATYM) is pleased to announce that its wholly-owned
Proyecto Masa Valverde ("PMV") has been granted the Unified Environmental
Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) by
the Junta de Andalucía ("JdA"). The application process was initiated by the
Company in December 2021.

The AAU is an integrated process that combines the Environmental Impact
Assessment and other authorisations and specifies requirements to avoid,
prevent and minimise a project's impacts on the environment and the cultural
heritage of the area. The Company will now file for the exploitation permit
which, once granted, will allow for the development of the project to begin.

Background

PMV consists of several volcanogenic massive sulphide ("VMS") type deposits
and targets and is strategically located approximately 28 kilometres south of
Riotinto's 15 Mtpa processing plant. Atalaya acquired a 100% interest in PMV
in October 2020 and in April 2022, announced a new independent Mineral
Resource Estimate for the Masa Valverde and Majadales deposits.

Development of PMV contemplates underground mining of the Masa Valverde and
Majadales deposits, which would be accessed by constructing a ramp. Mined
material would then be transported by public road to the existing Riotinto
plant for processing. This development scenario is consistent with Atalaya's
strategy of developing Riotinto into a central processing hub for its assets
in the Riotinto District.

Next Steps

The Company plans to complete further metallurgical testing and infill
drilling in order to upgrade the existing Mineral Resource to higher
confidence levels. In addition, the three core rigs currently active at PMV
will focus on step-out drilling at the Masa Valverde deposit, resource
definition drilling at the Campanario Trend and step out drilling around the
new discovery made at the Mojarra Trend. First drill testing of recently
defined coincident electro-magnetic and gravity anomalies is also planned.

Alberto Lavandeira, CEO, commented:

"This is a very pleasing outcome and the 15-month turnaround from the
submission of our proposal highlights that Andalucía is a world-class mining
jurisdiction. It is also testament to our focus on developing sustainable
operations which show respect to the natural environment and contribute to the
development of the regions where we operate.

With this key milestone now achieved, we plan to complete additional work and
continue our exploration campaign to upgrade the existing Mineral Resource,
which has yielded positive results to date. We look forward to updating
shareholders as this work progresses.

This positive decision has strengthened our confidence that PMV could become
an important satellite deposit in the Riotinto District by delivering higher
grade material to our existing processing plant."

 

Contacts:

 SEC Newgate UK             Elisabeth Cowell / Axaule Shukanayeva / Matthew Elliott   + 44 20 3757 6882
 4C Communications          Carina Corbett                                            +44 20 3170 7973
 Canaccord Genuity          Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl  +44 20 7523 8000

 (NOMAD and Joint Broker)
 BMO Capital Markets        Tom Rider / Andrew Cameron                                +44 20 7236 1010

 (Joint Broker)
 Peel Hunt LLP              Ross Allister / David McKeown                             +44 20 7418 8900

 (Joint Broker)

 

About Atalaya Mining Plc

Atalaya is an AIM listed mining and development group which produces copper
concentrates and silver by-product at its wholly owned Proyecto Riotinto site
in southwest Spain. Atalaya's current operations include the Cerro Colorado
open pit mine and a modern 15 Mtpa processing plant, which has the potential
to become a centralised processing hub for ore sourced from its wholly owned
regional projects around Riotinto that include Proyecto Masa Valverde and
Proyecto Riotinto East. In addition, the Group has a phased earn-in agreement
for up to 80% ownership of Proyecto Touro, a brownfield copper project in the
northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For
further information, visit www.atalayamining.com
(http://www.atalayamining.com)

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