TIDMMTR
RNS Number : 1144F
Metal Tiger PLC
10 November 2015
METAL TIGER PLC
10 November 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Copper/Silver Acquisition Botswana
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to announce the acquisition of a strategic interest in
prospecting licences situated along the Mahumo Structural Corridor,
in the Kalahari Copper Belt in Botswana, in Joint Venture with ASX
Listed MOD Resources Limited ("MOD") (ASX:MOD).
The acquisition represents the conclusion of a number of months
of detailed negotiations, alongside MOD, to acquire the new
interest from the administrators of Discovery Metals Limited, which
was placed into voluntary administration in February 2015.
The new interests provide Metal Tiger with exposure to a
valuable strategic holding in the highly prospective Kalahari
copper belt and working alongside MOD who are experienced
in-country operators and have achieved significant success in their
work to date.
We would draw readers attention to the full announcement
relating to this commercial transaction which can be found on the
MOD Resources website at http://www.modresources.com.au or the MOD
Resources ASX website page at
http://www.asx.com.au/asx/research/company.do#!/MOD.
Highlights:
-- Metal Tiger has agreed a new Joint Venture with MOD Resources
focused on the acquisition and development of highly prospective
Copper/Silver interests in the Kalahari Copper Belt, Botswana;
-- UK Joint Venture ("JV") Vehicle established (Metal Capital
Limited) which is owned 30% Metal Tiger and 70% MOD Resources and
through which all JV interests will be held;
-- Metal Capital Limited owns 100% of Tshukudu Botswana Metals
("TMB") which has now signed an agreement to acquire Discovery
Mines (Proprietary) Ltd ("DMI") subject to normal conditions
precedent;
-- DMI holds 14 prospecting licences of varying status adjacent
to MOD's Mahumo Project and covering the prospective 100km long
Mahumo Structural Corridor;
-- 7 priority targets identified provide opportunity for early,
low cost exploration success;
-- Metal Tiger will fund initial payment of US$100,000 required
to undertake the transaction. This payment secures Metal Tiger's
30% interest as outlined above;
-- Metal Tiger and Patersons Securities to assist MOD source
funding in the UK and Australia to pursue Botswanan operations,
including assets previously held by MOD prior to this
transaction.
Cameron Parry, CEO of Metal Tiger commented: "Metal Tiger is
delighted to announce the acquisition of its 30% interest in this
Botswanan Copper/Silver project, which adds materially to the
Company's Direct Projects portfolio.
Metal Tiger's opportunity to participate was identified and
introduced by Chairman Terry Grammer, through his long standing
association with MOD Resources Managing Director, Mr Julian Hanna.
Terry and Julian co-founded ASX-listed Western Areas NL in 2000 and
Julian was Managing Director for 12 years as Western Areas went
from a valuation of less than A$10 million (i.e. GBP5 million) to
become an ASX Top 200 company and Australia's third largest nickel
mining company capitalised at more than A$800 million.
The commercial opportunity and substantial geological potential
of the target, coupled with the chance to work with Julian and his
team at MOD, made this an irresistible opportunity. Today's
announcement reflects the crystallisation of the transaction after
extensive preparatory work by our partners, MOD Resources, and the
Metal Tiger team over past months.
We are grateful for the efforts of MOD as well as the various
professional partners who have assisted this transaction and to the
Botswanan authorities with whom we look forward to working to
assist future economic growth locally and regionally.
Strategically this opportunity is highly significant for Metal
Tiger and means our shareholders now have exposure to the unique
Kalahari Copper Belt where the recent corporate activities of
Cupric Canyon have highlighted the interest and potential, not
least with the $200m planned development of an underground
mine.
Alongside our partners MOD Resources we will endeavour to bring
regular and detailed updates to market as ground operations
commence.
This acquisition complements and diversifies Metal Tiger's
existing Spanish, Thai and Tanzanian interests and is an important
Joint Venture as we build a strong, diversified and substantial
resources investing company.
In addition to this key acquisition, Metal Tiger remains in very
advanced discussions with regard to a number of other exploration,
development and production opportunities. We look forward to
providing further updates to market as and when transactions
crystallise."
For further information on the Company, visit:
www.metaltigerplc.com:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099
0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465
617
Spark Advisory Partners Limited Tel: +44 (0) 203 683
(Nominated Adviser) 555
Sean Wyndham-Quin
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483
Nick Emerson 413 500
Andy Thacker
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Botswanan Copper & Silver, Thai Gold, Copper &
Antimony, and Tanzanian Gold and Uranium. The Direct Projects
investment division also has working collaborations to identify new
investment opportunities in Russia (platinum focus) and Turkey
(gold focus), in association with experienced in-country
partners.
Metal Tiger's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets
This information is provided by RNS
The company news service from the London Stock Exchange
END
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