REG - Chesterfield Res PLC - Disposal

Chesterfield ResourcesAnnouncement

27/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230127:nRSa0338Oa&default-theme=true

RNS Number : 0338O  Chesterfield Resources PLC  27 January 2023

Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining

 

27 January 2023

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

 

 

 

Update on the sale of the Adeline Project

 

Pacton Gold Inc. ("PAC.V") ("Pacton") has advised Chesterfield Resources PLC
that it has determined not to proceed with the purchase of the Adeline project
on the terms announced on 19 October 2022. This is in spite of the fact that
investor interest in the Adeline project, as solicited by Pacton, has been
robust. Further, Pacton's technical team determined high prospectivity at
Adeline and had a thorough plan to explore in 2023 and beyond.

 

Chesterfield will continue the process started last year to solicit interest
in Adeline and remain hopeful that an alternative buyer will emerge from that
process, which may be assisted by the results of the extensive technical work
undertaken by Pacton on the property and improved commodity and precious metal
prices since October 2022.

 

The Company will update the market with any further material developments but
cannot at this time guide as to the likely timing of a transaction.

 

Chesterfield Executive Chairman Paul Ensor said, "Pacton's bid for Adeline was
accepted following a thorough process which drew interest and indicative
offers from a variety of operators who met our criteria, including the ability
to efficiently fund and execute a thorough exploration programme at Adeline.
We are hopeful that this process and the discussions that we had in September
last year can be quickly revived to achieve our goals for Adeline."

 

 

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

 For further information please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com) or contact:

 Chesterfield Resources plc                                  Paul Ensor, Executive Chairman  Tel: +44 (0) 7595 219 011
 First Equity Limited (https://www.brandonhillcapital.com/)  Jason Robertson                 Tel: +44 20 7330 1883

 

 

**ENDS**

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISPPUMPGUPWPUQ