Spanish Corporate Update
Metal Tiger Plc
15 March 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Spanish Corporate Update
The Board of Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource projects is pleased to announce an update with regard to corporate matters pertaining to the Company's investing activities in Spain.
- Metal Tiger has now completed its proposed €500,000 investment into the Logrosán Project, held in joint venture with partners Mineral Exploration Network (Finland) and as originally announced to market on 16th March 2015;
- Completion of the full investment means Metal Tiger has now earned into a 50% holding in Logrosán Minerals Ltd (the ultimate holding company for the Logrosán Mineral Project);
- Following the successful 2015 drilling campaign at Logrosán and the significant tungsten mineralisation identified, the partners are now reviewing the best route to further increasing, and ultimately crystallising, value from the Logrosán Project;
- In addition to work at the Logrosán Project due diligence drilling has now been completed at the Maria Project, with samples sent to the laboratory for assay testing, primarily focused on gold;
- Whilst awaiting assay results Metal Tiger has agreed with MEN Finland to extend the Maria Standstill Agreement (originally announced on 15th February 2016) until 31st March 2016 to allow time for receipt and review of full assay data;
- Very strong operational performance by the joint venture in Spain, and Metal Tiger is currently looking to build its Spanish operations, where possible in conjunction with joint venture partners MEN Finland. Various additional opportunities are under review.
Paul Johnson Chief Executive Officer of Metal Tiger plc commented "I am delighted to confirm that Metal Tiger has now completed its earn into 50% of the Logrosán Project giving Metal Tiger shareholders a strong interest in a strategic Spanish tungsten and gold opportunity.
The progress achieved to date in Spain is highly encouraging and we are looking to build further on our success to date. We have conducted due diligence drilling at Maria Project in conjunction with our Logrosán partners MEN Finland and if the results are sufficiently attractive we may look to expand our joint venture agreement to include Maria.
We are also reviewing a range of additional attractive Spanish opportunities that we may look to bring within the Metal Tiger Spanish portfolio. We see an opportunity to build a diversified Spanish investment group that could justify its own listing, in due course.
Further updates will be provided in due course in respect of Spain, and also in respect of Botswana and Thailand where significant progress is being made by the joint ventures active in both countries.
Background to the Logrosán Joint Venture:
Metal Tiger entered into a Joint Venture with Logrosán Minerals Ltd (a Special Purpose Vehicle "SPV" company incorporated in the UK) on 13 March 2015. Logrosán Minerals Limited is the operating company for the Logrosán Exploration Project. Over the prior 18 months, Metal Tiger's joint venture partner in Logrosán Minerals Ltd, Mineral Exploration Network (Finland) Ltd, had carried out more than 40,000 soil samples, hundreds of pan-concentrate samples, covered thousands of linear kilometres with ground magnetic survey and assessed electro-magnetic tomography. The presence of Tungsten mineralisation has been confirmed by soil sampling, outcrop sampling, trenching and historical drill holes. Gold mineralisation has been confirmed by pan-concentrate and findings to date delineate three significant anomalies, being one square kilometre each.
Metal Tiger was to fund €500,000 in exploration work over the balance of 2015 in line with an agreed exploration programme that included up to 5,000 metres of drilling. During the period ended 31 December 2015 the Joint Venture expended €400,000 on exploration work and approximately 4,700m of drilling was completed.
The remaining €100,000 was rolled over into 2016 with the agreement of both parties. Since the start of the year Metal Tiger has paid a further €100,000 into the joint venture making payments to date of €500,000. As a result Metal Tiger has now earned into 50% of Logrosán Minerals Ltd in line with funds injected. The balancing holding in the SPV is held by Mineral Exploration Network (Finland) Ltd ("MEN (Finland)").
For further information on the Company, visit: www.metaltigerplc.com:
Paul Johnson (Chief Executive Officer)
Tel: +44 (0)7766 465 617
Terry Grammer (Non- Executive Chairman)
Tel: +44 (0)207 099 0738
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company's target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company's key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercial may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company's project based activities.
This information is provided by RNS