Issue of Equity and Update on Progress
7 August 2015
NQ Minerals PLC (ISDX:NQMI)
(“NQ Minerals” or the “Company”)
ISSUE OF EQUITY AND UPDATE ON PROGRESS
NQ Minerals PLC (ISDX:NQMI), an Australia-based exploration and mining company, which listed on the ISDX Growth Market in July 2015, is pleased to announce that, due to additional demand, it has placed 9,090,909 ordinary shares in the Company at a price of 11 pence per share raising GBP £1 million.
The new ordinary shares will rank pari passu with the existing ordinary shares. The 9,090,909 ordinary shares will be immediately admitted to trading on ISDX. Following the placing the Company has 143,136,909 ordinary shares in issue. The money raised will be used to progress the Company’s various projects, an update of which is given below.
— The latest Sunbeam stockpile assays include results of up to:
- 857oz/ton Silver (37 kg/ton);
- 11.5% Copper;
- 57.3% Lead;
- 2.02% Zinc;
— ALS Minerals* are currently conducting metallurgy on the stockpile samples to maximise recovery rates;
— Metal zonation patterns have been established at Ukalunda, linking the western vein deposits over nine kilometers of strike and highlighted the potential for Intrusion Related Gold Systems on the EPM;
— EPM-wide stream sediment and 400m x 400m soil geochemistry is proposed on Ukalunda to expedite appraisal of the total potential of the EPM;
— The Mining Lease application ML 100040 is progressing through the Queensland Department of Natural Resources and Mines;
— Access roads and drill pads are to be established on the zinc twinning project at Birthday Gift;
— Interest has been received from a major mining company in relation to the Breccia Knob at Square Post; and
— Roadwork & drill pad establishment will commence next month on Square Post.
* ALS Minerals is the market leader in bankable metallurgical test work services for mineral process flow sheet development and optimisation.
* Map to Mine have confirmed that the geological comments, assay results and comments on the works program contained in this announcement are consistent with their report on EPM 18019 (Ukalunda) Annual Report for period ended 25 June, 2015 – MTM 2015-20 dated July 2015 and assay results (sample description 7636 & WD Sun 01) taken from MTM file TV15099980_Consolidated, finalised on 4 August, 2015.
Commenting, Non-Executive Chairman Brian Stockbridge, said:
“I am delighted that we have been able to raise £1 million through the successful placing today, which comes very soon after our listing to ISDX. The support from our existing and new shareholders is encouraging and provides a clear endorsement of our approach and our ambitions to grow the Company. The proceeds will assist us in advancing our various projects and we are focused on creating long-term sustainable value for our shareholders.
“The Board and management of NQ Minerals are also encouraged by the current works program. The Company’s Chief Geologist advises that past and current work has verified that a large number of multi-element mines and prospects are present on the Ukalunda EPM and that there is evidence for large-scale deep-seated fault plumbing systems likely to have focused the mineralised fluids. Further priority exploration is focused on breccia, skarn, epithermal and intrusion related targets, and to establish the potential of the newly discovered tungsten and tin mineralisation, as well as gold and other mineral systems, which may be masked by cover deposits.
“The Board looks forward to providing further guidance on the project development timeline in due course. This positive update on progress coupled with the successful placing gives the Board reason to view the future with confidence.”
About NQ Minerals plc:
NQ Minerals is an Australian‐based exploration and mining company, focusing on projects where past exploration work has established the presence of mineral occurrences. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals.
NQ Minerals is focused on two exploration projects known as Ukalunda and Square Post, in North Queensland, Australia. These projects are both located in prospective mining districts that form part of the well‐ known Charters Towers Gold Province, where more than 20 million ounces of gold has been mined.
NQ Minerals plc
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