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RNS Number : 4646X Blencowe Resources PLC 23 July 2024
23 July 2024
Blencowe Resources Plc
("Blencowe" or the "Company")
CEO Interview with focusIR
Blencowe Resources (BRES:LON), is pleased to announce that, subsequent to the
recent news on the £1.9 million capital raising, CEO Mike Ralston has given
an interview on the focusIR platform to provide further insight into the
Company's strategic vision and future plans.
The interview can be viewed using the following link:
https://www.lse.co.uk/media/blencowe-resources-raises-1-9m-to-accelerate-dfs-and-progress-to-tier-1-offtake-agreements-w6b2n57xbfdozw0.html
(https://www.lse.co.uk/media/blencowe-resources-raises-1-9m-to-accelerate-dfs-and-progress-to-tier-1-offtake-agreements-w6b2n57xbfdozw0.html)
The Company announced funding agreements with key project partners ("Funding
Agreements") within an overall capital raising totalling approximately £1.9
million at an issue price of 5p. The net proceeds from the funding will enable
the Company to advance its DFS for the Orom-Cross graphite project in Uganda,
alongside ongoing grant funding from the US Government's DFC.
**Ends**
Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)
LinkedIn https://www.linkedin.com/company/blencowe-resources/
(https://www.linkedin.com/company/blencowe-resources/)
Newsletter signup:
https://blencoweresourcesplc.us13.list-manage.com/subscribe?u=ba87c801d05702dc7b8d75a3b&id=bd90aec04f
(https://blencoweresourcesplc.us13.list-manage.com/subscribe?u=ba87c801d05702dc7b8d75a3b&id=bd90aec04f)
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com (mailto:info@blencoweresourcesplc.com)
Investor Relations Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com (mailto:sasha@flowcomms.com)
Tavira Financial Tel: +44 (0)20 3192 1733
Jonathan Evans jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and
end-product quality, with a high component of more valuable larger coarse
flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government
in 2019 following extensive historical work on the deposit. Blencowe
completed a successful Pre-Feasibility Study on the Project and is now within
the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial
JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total
Graphite Content). This Resource has been defined from only ~2% of the total
tenement area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip ratio and
free dig operations together with abundant inexpensive hydro-electric power
off the national grid, thereby ensuring low operating costs. With all major
infrastructure available at or near to site the capital costs will also be
relatively low in comparison to most graphite peers.
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