Pelican House Mining plc
(the "Company" or "Pelican House Mining")
Investment in Battery Mineral Project in Uganda, East Africa
Pelican House Mining is pleased to announce that it has made its maiden investment in a natural resource project in East Africa. The Company has acquired a 15% (fifteen per cent) interest in Mighty Oak Explorations Ltd. ("Mighty Oak"), a company possessed of three exclusive licences to explore for cobalt (Co.) and two exclusive licences to explore for lithium (Li.) in Uganda. The Company's investment values Mighty Oak at US$ 400,000 (four hundred thousand), which the Directors believe represents a significant discount to the values attributed to some similar prospects in the same geography. Dating back to the 1940s, Uganda has a history of commercial Co. production.
Commenting on the Mighty Oak project, Pelican House Mining's CEO, Simon Grant-Rennick, said, "We believe that demand for each of Co. and Li. should rise significantly over coming years as a result of the requirements of the storage battery industry. We are excited to be making our first investment in Uganda, a common law jurisdiction with transparent mining laws and a positive attitude to foreign direct investment. The Democratic Republic of Congo is presently a major supplier of Co. to the world market but recent changes to the mining code and political uncertainties there have amplified the importance of economically attractive alternative sources of this metal.
The management of Mighty Oak has a strong track record and over an extended period has successfully run both exploration projects and a producing mine in Uganda. We look forward to working with the co-owners of Mighty Oak to add value to these highly prospective licences. I shall become a director of Mighty Oak to represent the Company's interest on completion of the Pelican House Mining investment."
Mark Jackson, MBA, FCA,
Pelican House Mining plc,
London, 19th June 2018
The foregoing announcement has been issued after due and careful enquiry; the Directors of Pelican House Mining accept responsibility for its content.
Pelican House Mining plc: Mark Jackson
Tel: +44 1482 794654
+ 44 797 325 3124
Keith, Bayley, Rogers & Co. Limited: Graham Atthill-Beck
E-mail: Graham.Atthill-Beck@kbrl.co.uk, email@example.com
Tel: +44 20 7464 4091
Mob: +44 750 643 4107; +971 50 856 9408
Tel: +44 20 7464 4098