White Cliff Minerals Ltd: Corporate Restructure and Share Consolidation
Perth, Australia - White Cliff Minerals (ASX:WCN) ("White Cliff", "the Company") advise that it has appointed Mr Ian Hobson as Company Secretary effective 28 September 2018.Key Points:
- New company secretary appointed
- Share consolidation completed
- Cobalt strategy focus on resource definition drilling to crystallise cobalt-nickel value at Australian projects
- Gold strategy focus on extracting shareholder value from the 484,000 ounce Aucu gold deposit
Mr Hobson is a fellow chartered accountant and chartered secretary with in excess of 30 years professional accounting experience working for large chartered accounting firms together with commercial experience in Australia, UK and Canada.
As an experienced finance and corporate governance professional, Ian brings a wealth of experience to the Company contributing to financial management, corporate governance, capital raising strategies and transaction and due diligence capabilities drawn from exposure to a variety of industries.
We warmly welcome Ian to the team.
Corporate Restructure
The Company is pleased to report that shareholders approved the consolidation of the Companies shares and that the shares are now trading on a consolidated basis. Post consolidation, the Company will focus on extracting value for its gold deposit in the Kyrgyz Republic and advancing selected Australian cobalt and nickel deposits to JORC compliant resources and ultimately operating mines.
In conjunction with the share consolidation the Company previously announced that it was seeking to divest non-core assets including the Australian Gold assets and the Bremer range cobalt and nickel project via sale, joint venture or spin out. The Company is pleased to note that is has made substantial progress with several parties indicating interest in these assets.
A review of the composition and roles of the board of directors will also be undertaken.
Australian Cobalt Nickel Focus
The Company will focus on its cobalt and nickel projects located south-east of Laverton. Each of these projects have the potential to become significant mines in the near term. Although the projects are at early stages, White Cliff believes each could potentially support a stand-alone development of a size and quality that could rival some similar projects being promoted by the leaders in the Australian cobalt-nickel sector. The White Cliff projects also benefit from being located close to Glencore's existing Murrin Murrin nickel-cobalt plant and GME Resources' proposed Mt Kilkenny nickel-cobalt plant, which offer alternative development options.
Gold Focus
The Company will also focus on extracting value from its 90%-owned Aucu Gold Project in the Kyrgyz Republic, which contains an inferred gold resource of 2.95 million tonnes at 5.1 g/t Au for 484,000 ounces of gold and an inferred copper resource of 17.2 Mt at 0.37% copper containing 64,000 tonnes of copper. Recent geochemical sampling across the project porphyry area has highlighted multiple significant gold-copper and base metals targets highlighting the scale potential of this mineralised system.
About White Cliff Minerals Ltd:
White Cliff Minerals is a Gold, Copper, Cobalt, Nickel resources and mining company listed in Australia (ASX:WCN). The Company is focused on developing low cost high value mineral deposits that have near term cash flow potential.
Major projects include the Aucu gold deposit that contains 484,000 ounces of gold (3mt at 5.1 g/t) starting at surface and Chanach copper deposit that contains 64,000 tonnes of copper (17.2Mt at 0.37% copper). Both projects have substantial blue sky potential with drilling covering only 5% of the known structures. In Australia the company is developing the Coronation Dam cobalt–nickel deposit where a maiden resource will be announced in the late 2018.
Source:
White Cliff Minerals Ltd.
Contact:
Todd Hibberd Managing Director T: +61-8-9321-2233 E: info@wcminerals.com.au W: www.wcminerals.com.au