Pembridge Resources plc Minto Mine Operator Agreement and Covid 19 Update (9701K)
07 Janeiro 2021 - 11:36AM
UK Regulatory
TIDMPERE
RNS Number : 9701K
Pembridge Resources plc
07 January 2021
7 January 2021
The Minto Mine Operator Agreement and Covid 19 Update
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") announces that the Operator
arrangement in relation to the Minto mine has been terminated as of
1 January 2021.
In January 2020 the Minto Board, in agreement with the Joint
Advisory Committee ("JAC"), which represents the combined ownership
interests of Pembridge, Cedro Holdings and Copper Holdings in Minto
Explorations Ltd. ("Minto"), appointed Minto Management Ltd. as an
Operator under a contract with Minto. The Operator acted as the
advisor to the Minto General Manager and provided direction to
senior members of staff on day-to-day matters and has helped Minto
to develop its operations.
The Minto Board and JAC feel that it is desirable now to
consolidate management expertise into Minto Explorations Limited
itself, rather than to continue with the third-party Operator, with
the effect that the Minto Board, having given notice to the
Operator in December 2020, has now terminated the relationship as
of January 1(st) , 2021.
As of 5 January 2021, the Yukon Government has approved Minto's
Plan for Alternative Self-isolation, which has been endorsed by the
Office of the Chief Medical Officer of Health. As a result of this
approval, all our staff will no longer be required to quarantine
for 14 days in Whitehorse prior to commencing their shift at the
mine. This will have a positive impact on both the costs and
operational efficiency at Minto.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"The Operator has played an important part in helping the Minto
team towards its achievements so far in the year, which included
sending three concentrate shipments to its customer in Japan and
opening up the Copper Keel mining area. However, this was a
transitional role, and it is now time for Minto to move forward
under its in-house management expertise.
The support of the Yukon Government has been continuous during
these difficult times and the latest approval of the Alternative
Self-Isolation plan is an important additional step in supporting
our mining operations, for which the Minto management and investors
are grateful."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Explorations Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located
in central Yukon, approximately 240 kilometres north of the capital
Whitehorse along the Klondike Highway. In excess of US$350 million
of capital expenditure has been invested into Minto operations
since site construction began in 2006. The Minto mine was in
continuous production between 2007 and 2018, when the mine was
placed onto temporary care and maintenance. Pembridge acquired
Minto from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0) 20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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END
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January 07, 2021 09:36 ET (14:36 GMT)
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