Cyprium Metals Corporate Update
Perth, May 23, 2023 AEST (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) advises the following appointment of experienced industry executives
Appointment of Experienced Industry Executives
Cyprium has, with immediate effect, appointed two experienced industry executives, Clive Donner and Milan Jerkovic, to work with the current management team and board. The refreshed team will review, optimise and recommend the best path to fund and execute the agreed development plan for the Nifty project.
Clive Donner is an experienced mining private equity and financing expert, who has been engaged to lead the Company's focus on corporate development and capital raising initiatives for the board. Mr Donner's initial role will be to assist the Company source and execute the capital financing for the current development plan and thereafter, review the optimum longer term development pathway to commercialise the full potential of the Nifty project. Mr Donner will focus on reviewing the capital intensity, timing and risk factors of the various longer term development alternatives.
Milan Jerkovic is an experienced mining veteran who will assist in the execution of the development plan for Nifty and provide leadership input to the development team in the Company. Mr Jerkovic has previously built a number of mines, with substantial and relevant copper expertise.
It is anticipated that there will be further board and management changes once the capital financing has been secured. Barry Cahill will resign from the board and remain in a technical development role. Clive Donner and Milan Jerkovic will continue as executives of the Company on a full-time basis.
Cyprium's Chairman, Gary Comb said:
"The Company has a high-quality portfolio of late-stage Australian based copper projects, with mineral resources of over 1.6 million tonnes of contain copper.
It is with pleasure that we announce the appointments of Clive Donner and Milan Jerkovic to the executive team of Cyprium. Their financing experience and knowledge will be of great benefit to optimise the development of Nifty and progress Cyprium's pipeline of development projects."
Nifty Copper Project
The Nifty development strategy includes the integration of a Copper Oxide Heap Leach SX-EW starter operation which will be complemented by the larger-scale sulphide open pit, which will together provide a significant +20-year mine life based on +900,000 tonne contained copper resource.
Cyprium has finalised a detailed Restart Study for the Oxide Heap Leach starter operation. The Company is nearing the completion of a scoping study which will lead into a detailed open pit life of mine study, which includes the large sulphide resource inventory.
Cyprium has substantial infrastructure already in place to treat both oxide and sulphide mineral inventory.
It is anticipated that the Oxide Heap Leach SX-EW will produce approximately 25,000 tpa of copper cathode for over 7 years and that the Sulphide Concentrator would produce between 28,000 tpa (2.8Mtpa at +1.0% copper) and 40,000 tpa (4.0 Mtpa at +1.0% copper) of copper in concentrate over 15 years. These assets would support a long mine life project in excess of 20 years.
Nifty's prospectivity is excellent and the mineral inventory is shallow and is open along strike in multiple directions and at depth, giving good potential to substantially increase the current resource endowment.
There continues to be strong interest from investors in Cyprium's medium and long-term strategy for the development of its portfolio of West Australian copper projects.
About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Cyprium Metals Ltd