Cassius Mining Retracts Soalara Limestone Project Valuation Announcement
CASSIUS MINING LIMITED (CMD) Share Update September 2024 Wednesday 25th
Cassius Mining Retracts Soalara Limestone Project Valuation
Cassius Mining Limited (ASX: CMD) has announced the retraction of its recent valuation for the Soalara Limestone Project in Madagascar, citing a conflict with JORC Clause 51.
Instant Summary:
- Cassius Mining retracts Soalara Limestone Project valuation.
- Retraction due to conflict with JORC Clause 51.
- Investors advised not to use the retracted statement for investment decisions.
Retraction Details
Cassius Mining Limited recently issued an announcement on 24 September 2024 regarding the valuation of its Soalara Limestone Project in Madagascar. However, the company has now retracted this announcement, stating that it conflicts with JORC Clause 51, which prohibits the publication of 'in situ' or 'in ground' financial valuations related to Mineral Resources.
The retracted statement included financial valuations that are not compliant with the JORC Code, leading to the decision to withdraw the information. Cassius Mining emphasized that the retracted statement should not be used as a basis for making investment decisions concerning the company's shares.
Company's Official Statement
The retraction was authorized for release to the ASX by the Board of Cassius Mining Limited. The company has provided contact information for further inquiries, including emails for James Arkoudis, Director and CEO, and Wayne Kernaghan, Director and Secretary.
Background Information
Cassius Mining Limited is involved in the exploration and development of mineral resources in various locations, including Ghana, Madagascar, and Tanzania. The Soalara Limestone Project in Madagascar is one of its key projects, and the recent valuation announcement was initially seen as a significant update for investors.
The retraction of the Soalara Limestone Project valuation could lead to uncertainty among investors, potentially affecting the company's stock price. The conflict with JORC Clause 51 raises questions about the company's compliance with industry standards, which may impact investor confidence.
Investor Reaction:
Analysts are likely to react cautiously to this announcement. The retraction may lead to a temporary dip in the stock price as investors reassess their positions. However, the long-term impact will depend on how the company addresses this compliance issue and communicates future updates.
Conclusion:
Investors should stay informed about further announcements from Cassius Mining Limited and consider the implications of this retraction on their investment strategies. Monitoring the company's compliance with industry standards and future project updates will be crucial.