Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that it has received confirmation from the secured bank creditors that they have obtained approval from their credit committees with respect to the proposed terms of the settlement agreement (“Approval”) .
· Bank credit committee approval for secured bank creditors assits in paving the way for Cadence to vest initial 20% in the Amapa Iron Ore Project
· On the effective date of the settlement agreement Cadence’s and Indo Sino’s joint venture company will own 99.9% of the Amapa Project
· The Amapa Iron Ore Project consists of an integrated mine, processing plant, railway, and privately owned port. It was previously owned by Anglo American and produced 6.1 million tonnes of iron ore per annum, and was valued at US$ 660 million.
· The current Mineral Resource of the Amapa Project consists of 176.7 million tonnes grading 39.7% Fe in the Indicated category and 8.7Mt at 36.9% Fe in the Inferred category
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