REG - Metminco Limited - Change in significant shareholder <Origin Href="QuoteRef">MNC.AX</Origin>

Merino & CoAnnouncement

14/02/2017 07:00

RNS Number : 7828W
Metminco Limited
14 February 2017
14February 2017
CHANGE IN SUBSTANTIAL SHAREHOLDER
Metminco Limited ("Metminco" or the "Company") (ASX: MNC; AIM: MNC) today received notice that Redfield Asset Management as trustee for the Redfield Asset Management Unit Trust ("Redfield") has become a significant shareholder in the Company. Redfield acquired 10,970,464 shares in the Company on 8 February 2017 at a price of A$0.12, representing 8.62% of the Company's issued share capital.
For further information, please contact:
METMINCO LIMITED
Stephen Tainton / Phil Killen
Office: +61 (0) 2 9460 1856
NOMINATED ADVISOR AND BROKER
RFC Ambrian 
Australia
Will Souter / Nathan Forsyth
Office: +61 (0) 2 9250 0000
United Kingdom
Charlie Cryer
Office: +44 (0) 20 3440 6800
JOINT BROKER
SP Angel Corporate Finance LLP (UK)
Ewan Leggat
Office: +44 (0) 20 3470 0470
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Tom Huddart 
Office: + 44 (0) 20 3757 4997
Notes to Editors
Metminco Limited is an exploration and mining company, dual listed on the Australian Stock Exchange and London Stock Exchange, with a portfolio of projects located in Peru, Colombia and Chile. The Company's focus is advancing its Quinchia gold portfolio in Colombia and the Los Calatos copper project in Peru. The Company also has exposure to molybdenum, gold and zinc via its projects in Peru and Chile. 
Quinchia Gold Portfolio (100%)
On 20 June 2016, Metminco acquired Miraflores Compania Minera SAS (formerly Minera Seafield SAS) for an equity consideration as well as deferred cash payments payable annually over the following four years. Miraflores Compania owns 100% of the Quinchia Gold Portfolio, which is located in Colombia's Middle Cauca Belt and contains a number of deposits and significant exploration and development targets including Miraflores, Dosquebradas, Tesorito and Chuscal. The portfolio has a NI 43-101 estimated Mineral Resource of 2.8 million ounces of gold. 
Miraflores is a near term development opportunity. It has a Measured and Indicated Mineral Resource of 9.19 million tonnes at 2.81g/t gold and 2.76g/t silver (832,000 oz Au and 817,000 oz Ag). A recent Scoping Study focussed on an underground operation producing 50,000 ounces of gold per annum for 9years. The focus is now on the conduct of the planned Feasibility Study.
The Los Calatos Project (49%)
Through its wholly owned subsidiary, Minera Hampton Peru SAC, Metminco holds a 49% interest in Los Calatos, which is located in Southern Peru near three large operating copper-molybdenum mines, namely Cuajone, Toquepala and Cerro Verde. Molybdenum constitutes a significant by-product of copper mining from this belt.
The detailed re-logging program that was conducted on the Los Calatos drill core in late 2014 and early 2015, resulted in an estimated mineral resource of 352 million tonnes at a Cu grade of 0.76% and a Mo grade of 318 ppm (2.76mt Cu and 111,936t Mo Metal). The development prospects of the project have been significantly enhanced by the agreement signed on 14 June 2016 with CD Capital Natural Resources Fund III LP to fund the completion of the Pre-feasibility and Feasibility Studies, and acquire up to 70% of equity in the project for an investment of up to US$45 million. 
As per the Agreement with CD Capital, the Company will use its best endeavours to distribute at least 90% of its holding in Hampton Mining (the wholly owned subsidiary holding its interest in the Los Calatos Project) to its shareholders within six months of completion of the transaction.

This information is provided by RNS
The company news service from the London Stock Exchange
  END
HOLEAFALFDPXEEF