Cadence Minerals' Macarthur Acquires Licence In Pilbara, Australia

LONDON (Alliance News) - Early investment and development company Cadence Minerals PLC said on ...

Alliance News 12 October, 2017 | 2:30PM
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LONDON (Alliance News) - Early investment and development company Cadence Minerals PLC said on Thursday that Macarthur Minerals Ltd, in which Cadence holds a 16% stake, has acquired exploration licence E45/4764 which covers an area of 13 square kilometres in Pilbara, Australia.

The licence was acquired in an option agreement with an unnamed private prospector. Under the agreement's terms, Macarthur will pay AUD2,000 on entering the agreement, and will pay AUD6,000 in cash and AUD15,000 in shares at a price based on the volume weighted average price for the five trading date before the option exercise.

The licence is situated adjacent to Macarthur's E45/4779 and E45/4732 which are part of its farm-in deal with Artemis Resources Ltd. The licence is also within 2 kilometres of the historic Haoma Auraria open pit for gold.

"We are pleased that Macarthur Minerals has enlarged its position in the Pilbara region with the new tenement bringing in an exciting new target for exploration," said Cadence Chief Executive Officer Kiran Morzaria.

Shares in Cadence Minerals were up 0.4% at 0.361 pence on Thursday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Cadence Minerals PLC 0.34 GBX -5.56 -
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