In May 2016, SML entered financial arrangements with New Age Exploration Limited (“NAE”) and, ultimately, acquired 50% of the Redmoor tin/tungsten exploration project through subscribing for shares in Cornwall Resources Limited, the joint venture operating vehicle that holds the Redmoor licence. There have been a few news releases by Strategic Minerals in the last couple of weeks relevant to the project / company:
- Equity Fundraising on 25th June. The key points were, “A modest placing has been successfully undertaken of £890,000 as we await the anticipated receipt of over US$4 million from a customer for magnetite from our New Mexico operation in the USA.”
- Redmoor Acquisition Update on 27th June. The key point was, “The settlement arrangements for the acquisition of the remaining 50% of Cornwall Resources Limited, holder of the Redmoor Tin and Tungsten project, have been renegotiated in light of changes to the Company’s expected cash flows and we look forward to closing shortly.”
- Q2 Cobre Magnetite Sales on 15th July. The key point was, “Major magnetite client continues to express intention to pay US$4 million with legal proceedings expected to commence soon should payment not be forthcoming”
Plans for further drilling at Kelly Bray is being planned which may start in 2019 or early in 2020.