Phoenix Global Mining Ltd (AIM:PGM) Admission to AIM and First Day of Dealings


Phoenix Global Mining Ltd is pleased to announce the admission to trading on the AIM market of the London Stock Exchange plc (‘AIM’) of its entire issued share capital (‘Admission’) and commencement of dealings at 8.00 a.m. today under the ticker PGM.

Share Talk has an exclusive interview with Dennis Thomas, CEO & Director & Richard Wilkins CFO & Director.

Pursuant to a placing (‘Placing’) and subscription (‘Subscription’) to existing and new institutional and sophisticated investors, the Company has raised £4.6 million and, on Admission, the Company will issue 115,000,000 new shares of nil par value. The Company is expected to have a market capitalisation of c£9.2million on Admission.  SP Angel is acting as the Company’s Nominated Adviser and Brandon Hill Capital is acting as its Broker.


Empire Mine in Idaho, USA, which is an historic copper mine, to be brought back into production and targeting 7,000t per annum of copper cathode from open-pit mining by 2020;

Phase 1 initially focused on oxide resource development to deliver low cost open-pit production with an anticipated initial 10 year mine life – Pre-Feasibility Study underway;

Phase 2 development focused on deeper, higher grade sulphide exploration and development, where intercepts up to 11.4% copper (‘Cu’) and additional metal credits including gold (drill results inc. 1.5m @26.4g/t), silver (drill results inc. 9m @ 126.6g/t) and tungsten (grab samples as high as 4.3%W03) have been recovered;

Maiden JORC Resource (Measured and Indicated) of 7.263 million tonnes at 0.55 per cent. Cu with an additional inferred resource of 5.546 million tonnes at 0.51 per cent. Cu from the AP Pit; and

Estimated that only 5% of the potential ore system explored providing opportunity to significantly increase resource through phased exploration.

Historic work has provided extensive data that is being utilised to underpin the rapid development of the Mine including:

o c.US$7 million spent on drilling 287 exploration drill holes, which highlighted the grade continuity and extent of the mineralised system, including grades up to 13.5% Cu with thickness up to 67m, at an estimated cost of US$7 million in today’s terms; and

o Metallurgical test work confirming recoveries of between 80-90% copper oxide (‘CuO’).

Empire Mine is located in Custer County Idaho, USA:

o Idaho has a strong mining culture and history

o the Project is located in a strong mining jurisdiction with access to a local mining culture, laws and infrastructure; and

o Idaho ranked No. 12 globally in the Fraser Institute Annual Survey of Mining Companies.

Copper outlook is positive with a price of c.US$5,800 per tonne – multiple drivers including electric vehicle industries.

Experienced management who have successfully constructed, commissioned and operated mines in multiple jurisdictions.

IPO Roadshow May 2017 

 Dennis Thomas, Phoenix’s Chief Executive Officer, said, “We screened a multitude of projects and identified the Empire Mine as providing a fantastic opportunity to fast track a high-grade copper mine back into production in a stable and supportive jurisdiction.  With a substantial amount of data already available, including historic drilling and a JORC Resource of 7.263 million tonnes at 0.55 per cent. Cu with an additional inferred resource of 5.546 million tonnes at 0.51 per cent. Cu from the AP Pit, we are confident that the Empire Mine offers significant value upside.  Importantly, it is estimated that only 5% of the potential ore system has been explored. Accordingly, we have put in place a two-phase development strategy, firstly to rapidly exploit the shallow oxide resource for low cost open pit mining to produce 7,000t of copper per annum, and secondly, to develop the deeper higher-grade copper sulphide resources together with the additional metal credits, including gold, silver and tungsten. 

 “With funding secured and a dedicated and experienced Board at the helm, Phoenix is confident that its assets will generate significant value for shareholders.  We are committed to fast tracking the Empire Mine into production to realise this and have already commenced a Pre-Feasibility Study for open pit development and initiated drilling to upgrade the current JORC resource.  The next few months will, accordingly, be highly active and mark a significant step in the development of Phoenix Global Mining.  We look forward to providing shareholders with timely updates as the work programme progresses.”


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