LONDON, Oct. 31, 2017 /CNW/ - Meridian Mining SE
(TSX V: MNO) ("Meridian" or the "Company") today announced it
had secured an off-take with Grupo
Maringa for 38,000t, of which 20,000t will be prepaid in 3
tranches, with the first prepayment received in October, 2017.
"Grupo Maringa
(http://www.grupomaringa.com.br/) has been a valued and growing
Meridian customer for over 2 years. Our ability to supply a high
quality manganese ore on a consistent and reliable basis during
that time has now translated into Maringa wanting to lock-in supply
for 2018" said Anthony Julien,
President and CEO of Meridian. "As the Brazilian economy has
improved, so too have the sales and production of Grupo Maringa (Brazil's 2nd largest
ferromanganese alloy producer). Meridian's high quality manganese
ore is a key input for their production needs and to enable Maringa
to fulfill the rising demand for their products. Maringa has
therefore increased their purchasing commitment by 210% for
2018 by way of an off-take arrangement with Meridian
amounting to 38,000t for 2018."
The terms of the off-take and pre-payment are as follows:
- Total off-take of 38,000t
- Three quarterly prepayments relating to a total of 20,000t
- Monthly deliveries from November
2017 until December 2018
The Company is currently commissioning the Jaburi plant, which
will enable the Company to ramp up production in the coming months.
This has enabled the Company to increase its sales and off-take
arrangements for 2018.
QUALIFIED PERSON
The technical information about the Company's production and
sales activities has been prepared under the supervision of and
verified by Carlos Braga (B.Sc.,
MBA, member of the Chilean Mining Commission), the Chief Operating
Officer of Meridian Mining, who is a "qualified person" within the
meaning of National Instrument 43-101.
On behalf of the Board of Directors of
Meridian Mining SE
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão manganese and gold projects,
the Bom Futuro tin JV area, and adjacent areas in the state of
Rondônia. The Company employs a two-pronged strategy with the
objective of growing pilot production while advancing a parallel
multi-commodity regional exploration program. Meridian is currently
producing high grade manganese at its project located at Espigão do
Oeste.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include, among others,
statements with respect to the Company's plans for exploration and
development of its properties and potential mineralization. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such risk
factors include, among others, failure to obtain regulatory
approvals, failure to complete anticipated transactions, the timing
and success of future exploration and development activities,
exploration and development risks, title matters, inability to
obtain any required third party consents, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with strategic partners,
governmental regulation and supervision, seasonality, technological
change, industry practices and one-time events. In making the
forward-looking statements, the Company has applied several
material assumptions including, but not limited to, the assumptions
that: (1) the proposed exploration and development of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable terms.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate has been established. In particular, because the Company's
production decision relating to BMC's manganese project is not
based upon a feasibility study of mineral reserves, the economic
and technical viability of the Espigão manganese project has not
been established.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Arrangement and has neither approved nor disapproved
the contents of this news release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.