Crusader Resources Corporate Update (2316U)
July 11 2018 - 2:00AM
UK Regulatory
TIDMCAS
RNS Number : 2316U
Crusader Resources
11 July 2018
11 July 2018
Crusader Resources Limited
("Company" or "Crusader")
Corporate update - Positive progress continues
Crusader Resources Limited (ASX:CAS, AIM:CAS) ("Company" or
"Crusader") is pleased to provide the following update on the
Installation Licence for the Borborema Gold Project
("Borborema").
In parallel with the ongoing work associated with the bankable
feasibility study ("BFS") on Borborema, Crusader has now commenced
the application process for the full Installation Licence required
for mine construction as it approaches the decision to mine on
completion of the BFS. The Installation Licence permits the
commencement of engineering work in accordance with the approved
environmental control plan and is the only major outstanding permit
required to commence mine construction at Borborema.
As announced on 28 April 2017, Crusader received the previous
Licence (Licenc a Previa or 'LP') from the Rio Grande do Norte
State Governmental Department (IDEMA) which approved the
Environmental Impact Assessment for Borborema. The Company is now
working actively with IDEMA to fulfil the full conditions for the
final grant of the Installation Licence and has now submitted to
IDEMA all studies related to kinetics of the rocks in relation to
drainage generation and lodged an authorisation request for
clearing the vegetation in the area of the project for the pit and
infrastructure. We continue to receive positive support from IDEMA
and local Government for the project. The next steps in the
Installation Licence process are for Crusader to submit a design
for a metallurgical processing plant to IDEMA, which will become
available as part of the BFS. Crusader currently expects to receive
the Installation Licence in Q4 2018 and will provide an update on
progression of the work streams in due course.
Cost efficiencies
Since the Company's first day of dealings on AIM on 16 April
2018, the management team has undertaken significant cost saving
measures as part of its strategy of strict capital discipline.
In the period since admission to AIM, Crusader has completed
several measures to improve overall cost efficiencies. These steps
included a number of retrenchments at the Juruena Gold Project. In
addition, management has proactively scaled back the Company's
Brazilian office in Belo Horizonte to essential personnel, as well
as moving the Australian corporate branch to a smaller office in
Perth.
The cost savings achieved in connection with these measures will
be reported in due course whilst the Company continues to identify
and address cost saving measures at a corporate and operational
level.
Mr. Paul Stephen Investor Relations
Executive Director Office (Aus): +61 8 9320 7500
Office (Aus): +61 8 9320 7500 Email: admin@crusaderresources.com
Email: paul@crusaderresources.com
Smith & Williamson Corporate Finance Camarco
Limited
Nominated Adviser Financial PR
Azhic Basirov / Katy Birkin / Ben Jeynes Gordon Poole / Nick Hennis
+44(0)20 3757 4997 / +44(0)20 3781
+44(0)207 131 4000 8330
Hannam & Partners
Joint Broker
Neil Passmore / Andrew Chubb / Ernie
Bell
+44 (0)20 7907 8500
About Crusader
Crusader Resources Limited (ASX:CAS, AIM:CAS) is a minerals
exploration and development company listed on the Australian
Securities Exchange and the AIM Market of the London Stock
Exchange. Its major focus is Brazil; a country Crusader believes is
vastly underexplored and which offers high potential for the
discovery of world class mineral deposits.
Crusader has two key gold assets;
Borborema Gold Project
The Borborema Gold Project is in the Serido area of the
Borborema province in north-eastern Brazil. It is 100% owned by
Crusader and consists of three mining leases covering a total area
of 29 km2 including freehold title over the main prospect area.
The Borborema Gold Project benefits from a favourable taxation
regime, existing on-site facilities and excellent infrastructure
such as buildings, grid power, water, sealed roads and is close to
major cities and regional centres. The project's Ore Reserve
includes Proven and Probable Ore Reserves of 1.61Moz of mineable
gold from 42.4Mt @ 1.18g/t (0.4 & 0.5g/t cut-offs for oxide
& fresh). The measured, indicated and inferred Mineral Resource
Estimate of 2.43Moz @ 1.10g/t gold, remains open in all
directions.
Juruena Gold Project
The Juruena Gold Project is located in the highly prospective
Juruena-Alta Floresta Gold Belt, which stretches east-west for
>400km and has historically produced more than 7Moz of gold from
40 known gold deposits. Historically there is a database of more
than 30,000 meters of drilling and extensive geological data.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDVBLFFVDFLBBE
(END) Dow Jones Newswires
July 11, 2018 02:00 ET (06:00 GMT)
Crusader Resou. (LSE:CAS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Crusader Resou. (LSE:CAS)
Historical Stock Chart
From Jul 2023 to Jul 2024