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Weatherly International Plc
Summary
| Project: | Berg Aukas | |
|---|---|---|
| Deposit: | Berg Aukas | |
| Location: | Namibia | |
| Commodities: | Zinc-Lead-Vanadium | |
| Date: | 4/26/2018 | |
| Report Code: | (no Code) | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-4-2018: Weatherly International Plc announces a Pre-Feasibility Study report for its Berg Aukas deposit at the Berg Aukas project. Updated PFS results for project incl. post tax NPV of $74M, IRR of 35%. On 5 February 2018, the Company announced that it | |
| Resources: | (Reserve, Prob.): 1.7Mt @ 11.16% Zn, 2.76% Pb, 0.23% V2O5 | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | On 5 February 2018, the Company announced that it had entered into a binding agreement to increase its ownership of CARN from 25% to 90% by purchasing shares from Hong Kong East China Non-Ferrous Mineral Resources Co Ltd ("ECE"). CARN is a private Namibian company which owns 100% of the high-grade Berg Aukas underground zinc-lead-vanadium project ("Berg Aukas"). Berg Aukas is located approximately 19km east of the town of Grootfontein in northern Namibia. The Berg Aukas mine operated as a low tonnage, high grade producer of zinc, lead and vanadium between 1958 and 1978, and hosted an estimated 2.3Mt at an average grade of 15% Zn, 3.9% Pb and 0.85% V2O5 over this period. The mine ceased operations in 1978 due to depressed zinc prices and significant resources remain in situ. The majority of the remaining resource is located between the 14 and 19 levels (approximately 400m to 590m below surface) where extensive development is already in place providing good access to the orebodies. Weatherly and ECE entered into a binding agreement whereby Weatherly will purchase all of ECE's shares in CARN for cash consideration of US$600,000, increasing Weatherly's ownership of CARN from 25% to 90%. The transaction is subject to regulatory approval in Namibia from the Namibian Competition Commission. The application for that approval was submitted in March 2018. If that approval is not received by 22 June 2018, the share purchase agreement can be terminated by ECE. Weatherly currently expects that the approval will be received before 22 June 2018, but cannot offer any assurance that this will occur. | |
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