REG - Capital Metals PLC - Additional Strategic Exploration License Granted

Capital MetalsAnnouncement

29/03/2022 07:00

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RNS Number : 2922G  Capital Metals PLC  29 March 2022

29 March 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

Capital Metals plc

("CMET" or the "Company")

Additional Strategic Exploration License Granted

 

Highlights

·      New Exploration Licence granted due North of current project

·      Additional 24km² of prospective ground

 

Capital Metals plc (AIM:CMET), a natural resources company focused on the
development of the Eastern Minerals Project located in the Eastern Province in
Sri Lanka ("the Project"), one of the highest-grade mineral sands projects
globally, is pleased to announce the issue of an additional exploration
license ("EL") to further extend the Eastern Minerals Project 12 km to the
north, including the Oluvil Port.

The Company's wholly owned subsidiary Damsila Exports (Pvt) Ltd has been
granted a new EL, which is an extension from the northern boundary of the
current Project and provides a further 12 km length of contiguous coverage
over a total area of 24 km².  The EL contains areas prospective for further
mineral sands resources, which have been identified for follow up drilling
later this year.

The EL has been granted by the Geographical Survey and Mines Bureau of Sri
Lanka ("GSMB") which is also the government authority tasked with issuing the
Company's first Industrial Mining License. The EL has been granted for an
initial period of 2 years but can be renewed up to 4 times for a potential
term of 10 years.

The map of the Project Licenses can be found via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2922G_1-2022-3-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2922G_1-2022-3-28.pdf)

Michael Frayne, Chief Executive Officer commented:

"Obtaining the additional exploration license is a great achievement and shows
that Sri Lanka is well and truly open for business following delays as a
result of Covid-19.  We worked closely with the GSMB to obtain this licence
and are encouraged that they are getting back to being fully operational as
they are also the authority that will grant our Industrial Mining Licence.

"We are very excited to add this licence to our exploration portfolio and look
forward to drilling identified areas on it later this year."

 

 For further information, please visit www.capitalmetals.com or contact:

 Capital Metals plc                           James.mahony@capitalmetals.com (mailto:James.mahony@capitalmetals.com)

 Michael Frayne (CEO)

 James Mahony (CFO)

 SPARK Advisory Partners (Nominated Adviser)  +44 (0) 20 3368 3554

 Neil Baldwin / James Keeshan
 WH Ireland Limited (Joint Broker)            +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell
 Tavira Securities Limited (Joint Broker)     +44 (0) 20 7100 5100

 Jonathan Evans / Oliver Stansfield

 

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