Eastinco Mining and Exploration PLC
12th January 2021
12 January 2021
Off-Take Negotiations & Corporate Trading Update
Eastinco Mining and Exploration plc ("EME" or the "Company") announces that the Company is in advanced negotiation of an Offtake Agreement, provides a trading statement for the quarter ended 31 December 2020 and provides an update on recent events within
Letter of Intent for Metal Production Purchase
The Company has received a Letter of Intent ("LOI") from Kalon Resources ("Kalon"), a wholly owned subsidiary of multi-national Noble Group Holdings, to purchase a significant portion of the future tantalum and tin metal production from the Musasa operations over the next three years. Kalon will pay the prevailing
Musasa Site Operations and COVID-19
During the quarter under review numerous positive modifications have been completed on the wash plant, resulting in improved heavy mineral separation. This optimization has been aided by the recruitment of a Rwandan Process Manager, with previous experience in this style of mineral recovery and will continue. A review of the hydro-cyclone and spiral operations, together with improvements to the shaking table launder box capture system has significantly improved the quality of the capture pre-concentrate. The large capacity water pump, ordered from the
On the 4th of January 2021, the Company was notified that new health measures have been put into place to contain the spread of the COVID-19 virus within
Trading Update
The Company is also pleased to announce that it has received approximately
Executive Chairman, Charles Bray noted, "The receipt of the LOI from Kalon Resources, a strong international partner with global reach is a positive indication that even in the current difficult COVID environment there is strong interest in the development of our operations and products. I see this as an endorsement to our efforts in constructing the project. The additional capital injection provides flexibility and further supports our business model, and intentions to be a revenue producing business as soon as possible in 2021. I look forward to updating shareholders in the near future, once the operations re-commence and we achieve targeted full-time production rates."
The Directors take responsibility for this announcement.
Enquiries:
For further information, please visit http://www.eastinco.com/ or contact:
Eastinco Mining & Exploration Plc:
Charles
Mike Staten, Director - mike.staten@eme-plc.com
AQSE Growth Market Corporate Adviser:
Alfred Henry Corporate Finance Limited
Nick Michaels and Jon Isaacs
www.alfredhenry.com
Tel: 0203 772 0021
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