Extension to the Completion date for Acquisition of 30% of 2.2Moz Munni Munni Platinum Group Metals and Gold Project
Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to update the market on the Binding Heads of Agreement (the ‘Agreement’) with ASX listed Platina Resources Limited (ACN 119 007 939)(ASX: PGM) (‘Platina’) to conditionally acquire Platina’s 30% joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia (‘Munni Munni Project’) as per the 24 November 2021 annoucement.
With mutual consent from both parties, an extension to the settlement date to complete the satisfaction (or waiver) of the conditions precedent to the Agreement has been made. Specifically obtaining necessary regulatory approvals and obtaining all necessary third-party consents and approvals to give effect to the proposed acquisition. This extension will take the final completion date to 11 February 2022.
The Company notes that all internal Due Diligence has been completed to the satisfaction of the Company and hence the regulatory approvals are the outstanding consents to be in a position to complete the Agreement.
Further updates will be provided in due course as appropriate.
Alien Metals Limited
Bill Brodie Good, CEO & Technical Director
(via St-James’ Corporate Services, Company Secretary)
Tel: +44 20 7796 8644
Notes to Editors:
Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company’s focus is on precious and base metal commodities, with its operations located in proven mining jurisdictions and it has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets.
In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and with a conditional agreement to increase its interest to 90% in May 2021 also being put in place. In 2020 the Company acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine Mining Lease and the surrounding Munni Munni North Exploration Tenement.
In November and December 2021, the Company entered into two Binding Heads of Agreement with ASX listed Platina Resources Ltd and Artemis Resources Limited to, subject to the satisfaction of certain conditions, acquire 100% of the current joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia, one of Australia’s major underexplored PGE and base metals projects.
The Company also holds two silver projects, San Celso and Los Campos, located in Zacatecas State, Mexico, Mexico’s largest silver producing state, which produced over 190m oz of silver in 2018 alone, accounting for 45% of the total silver production of Mexico for that year. The Company also holds a Copper Gold project in the same region, Donovan 2.
The Company was also awarded an Exploration Licence in Greenland in late 2020, which surrounds the world class Citronen Zinc-Lead deposit.
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