Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from
The transaction is scheduled to complete on Monday,
Cadence holds approximately 16% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. ('Geomet'), controls the mineral exploration licenses awarded by the Czech State over Cinovec.
With the completion of the agreement with CEZ, Geomet will now immediately commence the Definitive Feasibility Study ('DFS') and Front-End Engineering Design ('FEED') programmes of work.
The funds contributed by CEZ will fully finance Geomet and Cinovec through the period to construction permitting and commencement of construction. The principal components of the next phase of work on Cinovec are the availability of management and staff, ore samples for test work and laboratory staff and time.
All management and staff of both EMH and Geomet are unaffected by COVID-19 and the current restrictions on travel and meetings are not expected to have any impact for the foreseeable future; all staff are able and continue to work remotely.
To-date, the
European Metals and Geomet have confirmed with our laboratory and engineering partners in
European Metals Managing Director
Contact:
Tel: +44 (0) 207 440 0647
Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as 'believe' 'could' 'should' 'envisage' 'estimate' 'intend' 'may' 'plan' 'will' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
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