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Riva Resources to grow confidence of cobalt potential

 

Riva Resources (ASX:RIR) is planning drilling to establish confidence around the potential existence of a large cobalt gold system within the Tabac Cobalt–Gold Project located in Western Australia.

Should the historical drilling results be repeated or confirmed during the drilling program scheduled for later this month, the Tabac project has the potential to be globally significant.

10 holes were drilled between 1982 and 1984 with two holes intersecting:

- 80 metres at 0.77% cobalt from 170 metres including 10 metres at 1.47% cobalt and 40 metres at 0.73 g/t gold from 210 metres; and
- 30 metres at 0.3% cobalt from 358 metres including 10 metres at 0.86 g/t gold.

The approach taken by Riva displays the company’s careful and systematic approach to exploration, which is in the best interest of shareholders.

Drill results will be highly anticipated by the market, especially given the growing strategic significance of cobalt.



 

Riva Resources gains a new substantial shareholder

 

Riva Resources (ASX:RIR) has received a notice of initial substantial holder from New Age Group Co Limited.

The Hong Kong-based group holds circa 117 million shares for a 15.82% stake.

Last week Riva was granted a second exploration licence at the Tabac Cobalt–Gold Project, located in Western Australia.

Historical drilling results from Tabac include: PP011 80 metres at 0.77% cobalt and 30 metres at 0.3% cobalt.

The granted exploration licenses cover circa 110 square kilometres over the prospective Yerrida Basin.

Riva recently received commitments to raise A$2.2 million in an oversubscribed placement to fund exploration at Tabac.





LeadFX Secures $2M in Funding From Majority Shareholder

Canada NewsWire

TORONTO, Feb. 21, 2017

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

TORONTO, Feb. 21, 2017 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) announced today that it has received a $2 million unsecured, interest-free loan from Sentient Global Resource Fund IV, LP ("Sentient") to help meet its working capital needs.  

Unsecured Promissory Note

Sentient has advanced LeadFX $2 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 Paroo Station Mine ("Paroo Station") to remain in a restart-ready state while the Company works through an appropriate financing solution.  

Rob Scargill, President and CEO said, "We have made significant progress in the past several months with the positive changes to Paroo Station's key operating conditions and we continue to build on that positive momentum. The additional $2M Note from our supportive majority shareholder provides a significant boost to the Company's working capital position and affords additional time to develop a restart strategy that meets the needs of all our stakeholders."

About LeadFX

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 exploration and development projects in Alaska and Utah, USA. The Company continues to seek 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.

Forward-Looking Statements

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. Examples of forward-looking information in this news release includes but is not limited to statements and information concerning the closing of the loan with Sentient, receipt of necessary approvals for the issuance of the Note, the intended use of proceeds of the Note, the timing for a decision on restart of the Mine, a potential restart of the Mine, the period of time to ramp-up operations at the Mine following any restart decision, the ability to secure restart financing and future LME lead price outlook. Forward-looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. Forward-looking information by its nature requires assumptions and involves 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 forward-looking information, and readers are cautioned not to place undue reliance on such information. These statements are based upon certain reasonable factors, assumptions and analyses made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. However, whether actual results and developments will conform with management's expectations is subject to a number of risks and uncertainties, including, uneconomic LME lead prices, treatment charges and/or exchange rates; the inability to meet or refinance our commitments to our current lenders; the inability to meet ongoing costs of care and maintenance and other working capital requirements; the inability to secure restart financing; lack of sufficient demand for our lead carbonate concentrate by an offtake party or other customers; and the inability to secure employees and contractors in a timely manner for a restart. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this news release. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which is current only as of the date of this news release. All subsequent forward-looking information attributable to LeadFX herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. LeadFX does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

SOURCE LeadFX Inc.



LeadFX welcomes Michel Marier to the Board of Directors

Canada NewsWire

TORONTO, Jan. 24, 2017

TORONTO, Jan. 24, 2017 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce the appointment of Michel Marier as a Director of the Company's Board of Directors, effective immediately. Mr. Marier is an investment manager with The Sentient Group Limited, an independent private equity investment firm which manages over US$2.7 billion in the global resources industry through the Sentient Global Resource Funds ("Sentient").

"We are delighted to welcome Michel as a Director of LeadFX," said Robert Metcalfe, Chairman of the Board of Directors.  "Michel brings a wealth of knowledge to the Company as an investment manager for Sentient, the Company's majority shareholder. In addition, his experience overseeing strategic mining investments and his financial acumen will be key assets as we set our focus on a possible restart of the Paroo Station Mine."

Mr. Marier joined Sentient in 2009 as an investment manager. Prior to joining Sentient, Mr. Marier worked for several years in the Private Equity division of la Caisse de dépôt et placement du Québec.  Mr. Marier is on the board of directors of 2 public companies and holds a Master's Degree in Finance from HEC Montreal and is also a CFA charterholder. 




LeadFX's Rosslyn signs MOU for Paroo mine farm-in, JV

 

2016-12-19 09:38 ET - News Release

 

Mr. Rob Scargill reports

LEADFX ANNOUNCES MEMORANDUM OF UNDERSTANDING COVERING COBALT EXPLORATION

LeadFX Inc. today commented on a proposed farm-in and joint venture arrangement recently announced by Riva Resources Ltd. (formerly, Dragon Energy Pty. Ltd.) relating to the exploration of cobalt, gold and copper on the company's mining tenements that cover its Paroo Station mine in Western Australia.

The company's wholly owned subsidiary, Rosslyn Hill Mining Pty. Ltd., has entered into a non-binding memorandum of understanding (MOU) with Riva relating to a farm-in and joint venture that would grant Riva the right to explore for cobalt, copper and gold on the company's mining leases and exploration licences at the Paroo Station mine. Riva is a mining exploration company that holds pending exploration licences on mining tenements adjacent to the Paroo Station mine. Under the terms of the MOU, Riva may earn up to a 75-per-cent interest in any prospective cobalt, gold and/or copper mineral rights discovered on RHM's mining tenements by incurring exploration expenditures totalling $6-million (Australian) over a four-year period. Riva would also grant the company reciprocal rights to explore for lead, zinc and silver minerals on Riva's neighbouring mining tenements on similar terms. Under the proposed terms, if Riva fails to meet required expenditures in the time required, it would forfeit all interest earned in the mineral rights. The parties anticipate a minimum exploration spend of $500,000 (Australian) by Riva on RHM's tenements during the first year of the farm-in period. Upon reaching a 75-per-cent interest in the mineral rights, Riva and RHM would enter into a formal joint venture agreement with respect to the mineral rights. LeadFX would maintain the exclusive right to mine lead at the Paroo Station mine.

LeadFX's chief executive officer, Rob Scargill, stated: "This MOU opens up a new cobalt exploration opportunity in the short term, whilst we focus on our plans to restart the Paroo Station mine, and, longer term, gives LeadFX a larger potential target area for future lead-zinc discoveries adjacent to our existing operations."

The commencement of the farm-in arrangement with Riva remains subject to the negotiation of definitive documentation by the parties, and the approval of the terms by LeadFX's board of directors and secured lender.

About Riva Resources

Riva Resources is an Australian Stock Exchange-listed exploration company controlling a portfolio of tenements in Western Australia. Riva presently holds three mineral projects that comprise nine tenements, and have exploration targets encompassing cobalt, gold, iron ore and base metals. In September, 2016, Riva announced that it had entered into an agreement to acquire the Tabac cobalt-gold project. The Tabac project consists of two exploration licence applications covering a combined area of 111.5 square kilometres. The Tabac project is located on the Goldfields Highway, 30 kilometres west of Wiluna, in the Northern Goldfields region of Western Australia, and sits adjacent to the Paroo Station mine.

About LeadFX

LeadFX is a Canadian-based mining company focused on the development of lead-silver projects located in stable jurisdictions. The company's current portfolio includes a restart-ready lead operation in Western Australia and a development project in Utah, United States.SVI

We seek Safe Harbor.

© 2016 Canjex Publishing Ltd. All rights reserved.









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 










LFX.TO (Weekly) 


 

Paroo Station Mine

Introduction

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 
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#47   Anglo's Billionaire Investor Puts Mining on Cusp of hitpaydirt 03/18/17 10:42:26 PM
#46   Lead Prices Will Trade At $2,800 By Year’s End hitpaydirt 03/18/17 07:26:56 PM
#45   looks like things are starting to happen... news hitpaydirt 03/16/17 03:13:04 PM
#44   LEAD TODAY: Forming potential double bottom support hitpaydirt 03/10/17 01:28:30 PM
#43   LeadFX Secures $2M in Funding From Majority Shareholder hitpaydirt 02/22/17 10:01:07 PM
#42   LeadFX welcomes Michel Marier to the Board of Directors hitpaydirt 01/24/17 06:20:12 PM
#41   LeadFX's Rosslyn signs MOU for Paroo mine farm-in, JV hitpaydirt 12/19/16 07:41:35 PM
#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   www.leadfxinc.com/home/default.aspx 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 go...new 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 http://www.ivernia.com/in ~ 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 http://www.ivernia.com/Investors/pdf ~ 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 http://canadianinsider.com/node/7?menu_tickersearch ~ 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 http://www.ivernia.com/Investors/pdf/192012-1. ~ 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
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