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LeadFX Inc. (IVWFF)

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Last Post: 11/30/2016 9:26:47 PM - Followers: 5 - Board type: Free - Posts Today: 0


Paroo Station Mine one step closer to restart 

TORONTO, Nov. 21, 2016 

All dollar amounts are in U.S. dollars unless otherwise indicated. 

TORONTO, Nov. 21, 2016 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) announced today that it has received favourable changes to the Paroo Station Mine's (the "Mine") operating conditions. It has also received a $1 million unsecured, interest-free loan from Sentient Global Resource Fund IV, LP ("Sentient") to help meet its working capital needs. 

Paroo Station Mine Update 

After an extensive consultation process, LeadFX is pleased to announce that it has received a seven-year extension for access to the Port of Fremantle to export lead concentrate using the Company's best-practice concentrate transportation process. LeadFX exports its concentrate in sealed double-lined bags in locked shipping containers. Securing port access is a critical step in the preparations for a potential restart of the Paroo Station Mine in Western Australia. 

Pursuant to an amendment made to Ministerial Statement 905, the Mine's key operating conditions (the "Operating Conditions"), the Company is now permitted to ship through the Port of Fremantle until July 27, 2024. In addition, the Operating Conditions were also amended to reduce the quantum of the financial assurance bond that the Company must have in place during transport operations, from A$5 million to A$2 million, to be in line with the with the worst-case clean-up scenario developed by independent transportation experts. The Company considered the receipt of these amendments to its Operating Conditions as important preconditions to any decision to restart the Mine. With these amendments approved, the Company can now move forward with its Mine restart financing discussions. 

In 2014, its last full year of operations, the Mine produced approximately 81,000 tonnes of contained lead in concentrate and employed more than 200 employees and contractors. 

Unsecured Promissory Note 

Sentient has advanced LeadFX $1 million pursuant to an unsecured, interest-free, promissory note (the "Note"), repayable on June 30, 2017 and on the same terms as the prior promissory notes issued by the Company to Sentient. The interest-free advance by Sentient will enable the Mine to remain in a restart-ready state prior to a decision being made on a restart of the Mine in the coming months. 

Rob Scargill, President and CEO said, "Recent LME lead prices are more than 20% higher than such prices when we placed the Paroo Station mine on care and maintenance in January 2015. The extension of the port access removes a significant hurdle to a restart, and with the ongoing support of Sentient we are now focused on securing appropriate restart financing prior to a restart decision." 

LeadFX is a Canadian-based mining company focused on the development of lead-silver projects located in stable jurisdictions. Our current portfolio includes a restart-ready lead operation in Western Australia and a development project in Utah, USA. The Company is developing opportunities at its new properties in North America to underpin future cash flow and growth. LeadFX trades under the symbol "LFX" on the Toronto Stock Exchange 


Paroo Station Mine


Paroo Station Mine ("Paroo Station" or the "Mine") is located in Western Australia and is the world's largest lead carbonate mine. On January 16, 2015 the mine was placed on care and maintenance amid difficult market conditions.

Paroo Station is 100% owned by Rosslyn Hill, a wholly-owned indirect subsidiary of LEADFX.

On December 17, 2012, Rosslyn Hill Mining entered into a management services agreement ("EMG Management Services Agreement") with Enirgi Metal Group Pty Ltd. ("EMG"), a wholly-owned subsidiary of Enirgi Group Corporation ("Enirgi Group").

Under the EMG Management Services Agreement, EMG will take the leading role in managing the restart of operations at the Mine, including the design of the organizational structure, as well as, responsibility for the day to day management of the operation of Mine following restart. Under the EMG Management Services Agreement, LEADFX expects that EMG will deliver increased technical and operating experience, executive management and economies of scale from being part of a larger group.

 is a Canadian-based mining company focused on the development of lead-silver projects located in stable jurisdictions.


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Current Price
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#40   Lead Prices Hit A 3-Year High, Did You hitpaydirt 11/30/16 09:26:47 PM
#39   Zinc Rises to Highest Since 2007 as Metals hitpaydirt 11/28/16 11:56:51 AM
#37   Zinc Prices Hit An 8-Year High: Did You hitpaydirt 11/28/16 11:55:24 AM
#36 hitpaydirt 11/28/16 11:51:18 AM
#35   Paroo Station Mine one step closer to restart hitpaydirt 11/28/16 11:49:46 AM
#34   Ivernia Inc. changed to LeadFX Inc. and a Renee 11/17/15 04:07:54 PM
#33   Here we assets and reorg...and God knows hitpaydirt 09/01/15 08:16:22 PM
#32   big volume today...somethings up...keep an eye out... hitpaydirt 07/23/15 07:16:26 PM
#31   Global Lead mine supply exceeded demand by 11 hitpaydirt 05/19/15 07:14:00 PM
#30   sure looks like this bottomed out at a hitpaydirt 04/22/15 10:47:18 AM
#29   more good volume today early. i think this hitpaydirt 04/15/15 12:29:17 PM
#28   well its still early in the day but hitpaydirt 04/10/15 10:55:58 AM
#27   World refined lead metal supply closely balanced with hitpaydirt 03/10/15 10:39:49 AM
#26   Lead prices will improve 'significantly' in H2 2015 hitpaydirt 02/11/15 10:59:35 PM
#25   To think you can own shares in the hitpaydirt 02/05/15 12:17:47 PM
#24   Looking for production cuts? Try lead not copper: hitpaydirt 02/03/15 12:38:37 PM
#23   Lead price outperforms after mine shuts, more closures possible hitpaydirt 02/03/15 12:33:38 PM
#22   Ivernia Announces Move to Care & Maintenance Amid hitpaydirt 02/03/15 12:16:23 PM
#21   This one looks interesting. Stay tuned....... hitpaydirt 02/03/15 10:52:55 AM
#20   Blue, are you still here? bigone 12/24/14 05:15:39 PM
#19   Are you still here Blue? bigone 09/29/14 04:01:18 PM
#18   IVWFF 20% up today ~ Blue ~ 02/22/12 05:04:56 PM
#17   price going up.. i guess the mine will ~ Blue ~ 02/18/12 01:23:08 PM
#16   NEWS: IVWFF Owns Trademark for 'MAGELLAN' mine ~ Blue ~ 02/03/12 06:05:56 PM
#15   The biggest shareholder of IVWFF, Green SEA Resources ~ Blue ~ 02/03/12 05:59:13 PM
#14   95% of shares owned by Institutional investors ~ Blue ~ 02/02/12 05:38:32 PM
#13   IBOX- updated have a look at ~ Blue ~ 02/02/12 05:37:02 PM
#12   IVWFF is the world largest lead mine ~ Blue ~ 02/02/12 05:34:41 PM
#11   55.54% UP >>>>>>>>>>>>>> ~ Blue ~ 02/02/12 05:31:30 PM
#10   31.25% up today ~ Blue ~ 02/02/12 02:51:15 PM
#9   Insiders loading huge ~ Blue ~ 02/02/12 02:44:37 PM
#8   The reproduction will rump up ~ Blue ~ 02/02/12 02:23:18 PM
#7   IVWFF canadian ticker TSX: IVW ~ Blue ~ 02/02/12 02:22:51 PM
#6   the corporate presentation ~ Blue ~ 02/02/12 02:21:58 PM
#5   IVWFF the biggest lead mine in the world ~ Blue ~ 02/02/12 02:21:27 PM
#4   Also BMTI just got FDA approval 9.20 now cleiter1982 05/12/11 09:00:13 PM
#3   Came across Dow news wire "Ivernia Sees 20M cleiter1982 05/12/11 08:57:53 PM
#2   u know something u aint telling me? lol usmchitman 05/12/11 07:51:38 PM
#1   Let's see if this shoot up like a cleiter1982 05/12/11 07:29:55 PM