REG - Celsius Resources Ld - Celsius' Sagay Project applies for DMPF

Celsius ResourcesAnnouncement

08/01/2024 07:00

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RNS Number : 8701Y  Celsius Resources Limited  08 January 2024

 

ASX/AIM RELEASE

8 JANUARY 2024

Celsius' Sagay Project applies for DMPF
HIGHLIGHTS

· An application for a Declaration of Mining Project Feasibility has been
submitted to the Philippine Mines and Geosciences Bureau confirming the
technical and financial viability for the Sagay Copper-Gold Project;

 

Celsius Resources Limited ("CLA" or "Celsius") (ASX, AIM: CLA) is pleased to
announce that its Philippine subsidiary, Tambuli Mining Company, Inc. ("TMCI"
or the "Company"), has applied for a Declaration of Mining Project Feasibility
("DMPF") for its Sagay Copper-Gold Project ("Sagay" or the "Project") in the
island of Negros.

 

The said application proclaims the presence of minerals in the area applied
for, which are recoverable by socially acceptable, environmentally safe and
economically sound methods as further manifested in the following key
documents comprising the application:

 

§ Mining Project Feasibility Study Report

§ Final Exploration Report

§ Environmental Impact Statement Report

§ Environmental Protection and Enhancement Program

§ Final Mine Rehabilitation/Decommissioning Plan

§ Social Development and Management Program

§ Care and Maintenance Program

 

These plans and programs were developed following an extensive stakeholder
consultation process to ensure the integration of social and environmental
safeguards and local context. Endorsements from host local government units
were also secured in the form of resolutions interposing no objection to the
project.

 

Celsius Executive Chairman, Atty. Julito "Sarge" Sarmiento, said:

 

"This is another achievement for Celsius' portfolio of assets in the
Philippines. As with the Maalinao-Caigutan-Biyog Copper-Gold ("MCB") Project,
we aim to develop the Sagay Project into a productive mine that would not only
bring value to our stakeholders and shareholders, but also showcase our
commitment to sustainable and responsible mining practices.

We are at such a critical and pivotal point in human history where the ongoing
climate change emergency demands an accelerated transition away from fossil
fuels to renewable energy, and a green economy would necessitate the
extraction of more so-called green metals like copper. The Company believes
that mineral extraction must be done through innovative solutions which
optimise benefits and avoid adverse social and environmental impacts. We will
work closely with the national and local government units as development
partners to pursue shared goals."

 

The DMPF application, supported by an Environmental Compliance Certificate,
are a key requirement towards the achievement of a mineral permit with the
Philippine Government for an exclusive right to conduct mining operations
within the tenement. Further updates will be provided to share holders as the
Company moves through the approval process.

 

SAGAY COPPER-GOLD PROJECT

 

The Sagay Copper-Gold Project ("Sagay" or "the Project") is in the
northeastern part of Negros Island, within the City of Sagay in the Province
of Negros Occidental, Philippines (Figure 3). Negros Island is part of the
central group of Islands in the Philippines commonly referred to as "the
Visayas".

 

A Maiden Mineral Resource for Nabiga-a Hill was declared for the project on 7
November 2022 1  comprising 302 million tonnes @ 0.41% copper and 0.11g/t gold
for 1.2 million tonnes of contained copper and 1 million ounces of contained
gold, of which 15 million tonnes @ 0.45% copper and 0.11g/t gold is classified
as Indicated and 287 million tonnes @ 0.41% copper and 0.11g/t gold is
classified as Inferred.

 

Figure 1. Location of the Sagay Project in the island of Negros, Philippines.

 
Listing Rule 5.19 and 5.23 Disclosure

 

The information is this announcement with respect to the MRE for the Sagay
Project was first announced by the Company to ASX on 7 November 2022. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the announcement dated 7
November 2022 and that all material assumptions and technical parameters
underpinning the MRE continue to apply and have not materially changed.

 

Forward Looking Statements

 

Some of the statements appearing in this announcement may be in the nature of
forward-looking statements. You should be aware that such statements are only
predictions and are subject to inherent risks and uncertainties. Those risks
and uncertainties include factors and risks specific to the industries in
which the Company operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and conditions in the
financial markets, among other things. Actual events or results may differ
materially from the events or results expressed or implied in any
forward-looking statement.

 

No forward-looking statement is a guarantee or representation as to future
performance or any other future matters, which will be influenced by a number
of factors and subject to various uncertainties and contingencies, many of
which will be outside the Company's control.

 

The Company does not undertake any obligation to update publicly or release
any revisions to these forward-looking statements to reflect events or
circumstances after today's date or to reflect the occurrence of unanticipated
events. No representation or warranty, express or implied, is made as to the
fairness, accuracy, completeness or correctness of the information, opinions
or conclusions contained in this announcement. To the maximum extent permitted
by law, none of the Company's Directors, employees, advisors, or agents, nor
any other person, accepts any liability for any loss arising from the use of
the information contained in this announcement. You are cautioned not to place
undue reliance on any forward-looking statement. The forward-looking
statements in this announcement reflect views held only as at the date of this
announcement.

 

Competent Persons Statement

 

Information in this report relating to the reporting of Mineral Resource
Estimates and Exploration Results is based on information compiled, reviewed
and assessed by Mr. Steven Olsen, who is a Member of the Australasian
Institute of Mining and Metallurgy and the Australian Institute of
Geoscientists. Mr. Olsen is a consultant to Celsius Resources Limited and has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined by the 2012 Edition of
the Australasian Code for reporting of Exploration Results, Mineral Resources
and Ore Reserves. Mr. Olsen consents to the inclusion of the data in the form
and context in which it appears.

 

This announcement has been authorised by the Board of Directors of Celsius
Resources Limited.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.

 

Celsius Resources Contact Information

Level 5, 191 St. Georges Terrace

Perth WA 6000

 

PO Box 7059

Cloisters Square PO

Perth WA 6850

 

P: +61 2 8072 1400

E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

W: www.celsiusresources.com (http://www.celsiusresources.com)

 

 Celsius Resources Limited
 Peter Hume                                                          P: +61 2 8072 1400

 (Managing Director)                                                 E: info@celsiusresources.com.au (mailto:info@celsiusresources.com.au)

                                                                     W: www.celsiusresources.com (http://www.celsiusresources.com)
 Multiplier Media

 (Australia Media Contact)                                           M: +61 402 075 707
         Jon Cuthbert

                                                                     E: jon.cuthbert@multiplier.com.au (mailto:jon.cuthbert@multiplier.com.au)

 Tavistock Communications                                            +44 (0) 207 628 3396

 (UK Media and Investor Relations)
 Charles Vivian                                                      M: 0044 7977297903

                                                                     E: charles.vivian@tavistock.co.uk
 Tara Vivian-Neal                                                    M: 0044 7394408654

                                                                     E: tara.vivian-neal@tavistock.co.uk

 Beaumont Cornish Limited                                            P: +44 (0) 207 628 3396

 (Nominated Adviser)                                                 E: corpfin@b-cornish.com.uk

 Roland Cornish/Felicity Geidt/Andrew Price

 WH Ireland (Broker)                                                 P: +44 (0) 20 7220 1666

 Harry Ansell/James Joyce/Isaac Hooper

 

 1  Refer to ASX announcement dated 7 November 2022 for the maiden Mineral
Resource Estimate (MRE) for the Sagay Project

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