Below is a snippet from an SML announcement just released. See...

Below is a snippet from an SML announcement just released. See section regarding settlement payment - being used to finalise/exercise the option on Redmoor and fund the drilling program.

Cheers

Doyle

Strategic Minerals plc

("Strategic Minerals" or the "Company" or "SML")


Cobre Magnetite Mine Update

Record Magnetite Sales up 24% in 2016 and US$400,000 Settlement Payment Received


Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to provide the following positive update on the Company's operations at the Cobre magnetite mine in New Mexico, USA ("Cobre").


Highlights:


· Record Salesomestic sales of magnetite for 2016 of $1,551,930 (25,385 short tons) set a new record at Cobre and reflected a 24% increase in sales over 2015.


· Settlement Payment Received: The Company confirms that its wholly owned subsidiary Southern Minerals Group ("SMG") has received US$400,000 due under the terms of its settlement with the rail provider at the Cobre mine. It is the Company's intention that these funds, in addition to the Company's existing cash resources, will enable it to exercise its option to take its holding in the Redmoor Tin/Tungsten project in Cornwall, England up to 50% and fund the 2017 drilling programme focused on increasing the high-grade resource at Redmoor.