Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities reports that the Company has received the final draft SRK Consulting (UK) Ltd (“SRK”) Competent Persons Report (“CPR”) incorporating an independent Mineral Resource Estimate (“MRE”) and Technical Economic Model (“TEM”) for the assets of the Company’s Thai Joint Venture (“KEMCO JV”) over the Song-Toh and Boh-Yai silver-lead-zinc mines (the “Project”) located in Thailand.
SRK has delivered a high-quality update to the 2013 Preliminary Economic Assessment of the KEMCO mines. Utilising the significant amount of data that has been compiled by the KEMCO team since 2013, SRK has independently presented a material Mineral Resource upgrade and demonstrated the significant value of the KEMCO Project. ”
It is intended that the KEMCO JV assets, along with Metal Tiger’s other Thai exploration assets, will be transferred to KEMCO Mining PLC (“KEMCO”), which is currently a wholly owned subsidiary of Metal Tiger.As announced on 7 March 2017, it is intended that KEMCO will raise further capital and seek admission to trading on the AIM market of the London Stock Exchange (“AIM”). Post structuring, upon completion of the asset transfer from KEMCO JV, 80% of the Project will be held by KEMCO, resulting in a circa 78% effective dividend interest to KEMCO over the Project. The final CPR is intended to be included in an admission document in relation to KEMCO’s proposed admission to trading on AIM, which is expected to occur by the end of Q3 2017.
The SRK CPR provides an update to the findings of the Preliminary Economic Assessment (“PEA”) undertaken for the Project by ACA Howe in 2013. The SRK report incorporates additional information and data that has become available since 2013, as well as the independent SRK, JORC Code (2012) compliant, MRE and an updated TEM.
SRK has reviewed this news release and have consented to its release. The information in this press release that relates to Mineral Resources is based on information compiled and reviewed by Dr Mike Armitage, who is a full-time employee of SRK and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.