Element : Update on Mindoro sampling process

25.04.19 | Press releases

Oslo, Norway 25 April 2019 - Element ASA'S (Element, OSE:ELE) affiliate Aglubang Mining Corporation ('the company') has received a notice from the provincial governor in oriental mindoro to halt the ongoing sampling programme for 500 tons of mineralised ore from the mindoro nickel deposit. The company is currently considering its options with regards to seeking judicial relief in order to continue its 500 ton sampling programme for which approval from the Philippine central government was obtained in august 2018.

In August 2018, Aglubang Mining Corporation received an approval from the Mines and Geosciences Bureau (MGB), a central government agency under the Philippine Department of Environment and Natural Resources (DENR), of its amended Exploration Work Program (ExWP) for Its Mineral Production Sharing Agreement allowing it to conduct bulk sampling of up to 500 tons of nickel ore from the Mindoro deposit. The nickel ore will be shipped to China and processed at a semi-industrial pilot plant using the CRSM technology.

Following sampling of 250 tons of nickel ore, a Cease and Desist Order from the Office of the Provincial Governor in Oriental Mindoro was received. Aglubang Mining Corporation is assessing its options, at the advice of local counsel, with regards to filing an injunction to seek relief from the Cease and Desist Order during the second quarter of 2019, to enable the continuation of the sampling of the remaining 250 tons of nickel ore for which approval from the Philippine central government was obtained in August 2018.

The company will also explore the possibility to apply for a Mineral Ore Export Permit for the shipment and export to China of the 250 tons of nickel ore already excavated, with the aim to conduct a pilot processing of the 250 tons sample in China during the second half of 2019.

For further information, please contact:

Cecilie Grue
Chief Executive Officer
E-mail: [e-mail]

Thomas Christensen
Chairman
E-mail: [e-mail]

ABOUT ELEMENT | www.elementasa.com
Element is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk. The company has as strategy to identify undervalued projects, closing in on cash flow, where infrastructure and other basic work, if necessary, have in large, been completed. The company's special focus is linked to projects within new, and usually ground-breaking technology, within its niches.