Strategic Minerals PLC – Redmoor Acquisition Update

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that further to the announcement made on 18 March 2019, the Company has been informed by New Age Exploration Limited that it will not be required to refer its decision to sell its entire 50% shareholding in Cornwall Resources Limited, the joint venture vehicle developing the Redmoor Tin/Tungsten project in Cornwall, to shareholders at a general meeting.  Considering this information, NAE and SML have agreed on a settlement date for the transaction of 30 May 2019.  The settlement is subject to NAE confirming the form of both the promissory note and royalty stream, although this is considered largely an administrative process and not likely to delay settlement.

Commenting, John Peters, Managing Director, Strategic Minerals, said:

“Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor Tin/Tungsten project has engendered.

“We are pleased that, subject to standard documentation, the contract will settle at the end of May 2019 and the Company will gain full control on project timing and investment.  The Company looks forward to developing Redmoor to Pre-Feasibility status, at which time it believes it can better demonstrate the project’s underlying value to the market.”