London England (FSCwire) - Anglo Pacific Group PLC ("Anglo Pacific", the "Company") (LSE: APF, TSX: APY) is pleased to announce that it has entered into an agreement with Entrée Resources Ltd., ("Entrée") to acquire an existing 0.5% Net Smelter Return Royalty (the "Royalty") over the Cañariaco Copper Project (the "Cañariaco Project") in Peru, which is 100% owned by Candente Copper Corp. ("Candente"), a Toronto Stock Exchange ("TSX") listed company.

 

Anglo Pacific will provide Entrée with US$1 million (~£0.75 million) as consideration for the Royalty, payable in Anglo Pacific shares at transaction close.

 

Highlights of the transaction:

 

• Attractive copper demand outlook

 

• Sizable Cañariaco Norte resource base:

 

○ NI 43-101 M&I Resource of 7.5 billion pounds of contained copper; and,

 

○ Projected life of mine average production of 262 million pounds of copper per annum. ⁽¹⁾

 

• Long mine life - Cañariaco Norte estimated mine life of 22 years with extension potential; ⁽¹⁾

 

• Substantial upside - Cañariaco Sur and Quebrada Verde integration potential;

 

• Expected to be a low-cost operation, no firm timeline for development as yet; ⁽¹⁾

 

• Established mining jurisdiction - located in an area of Peru with producing mines and projects owned by Gold Fields Ltd., Newmont Mining Corp., Rio Tinto Plc, and Southern Copper Corp. amongst others; and,

 

• Further diversifies Anglo Pacific's development stage royalty portfolio mix.

 

Located in Peru, the Cañariaco Project covers an extensive porphyry complex which includes the Cañariaco Norte, Cañariaco Sur, and Quebrada Verde porphyry deposits. The Cañariaco Sur and Quebrada Verde deposits are located in close proximity to Cañariaco Norte, and potentially allow for a larger integrated operation with shared facilities and infrastructure. The Royalty area covers the Cañariaco Project in its entirety.

 

Click on, or paste the following link into your web browser, to view the announcement in full.

http://www.rns-pdf.londonstockexchange.com/rns/8338Q_1-2018-6-8.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

To view the associated document to this release, please click on the following link:
public://news_release_pdf/Anglo06082018.pdf

To view the original release, please click here

Source: Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC Bulletin Board:AGPIF, FWB:HGR)

To follow Anglo Pacific Group PLC on your favorite social media platform or financial websites, please click on the icons below.

 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

Copyright © 2018 FSCwire