Source - RNS
RNS Number : 9127L
Tethyan Resources PLC
06 October 2016
 

 

 

                                                                                                                       

6 September 2016

 

TETHYAN RESOURCES PLC ANNOUNCES IT IS EXITING FROM THE CADINJE (CHADINE) POLYMETALIC PROJECT IN SERBIA

 

Tethyan Resources PLC, ("TETH" or the "Company"), announces that it has decided to pull out of the joint venture with Balkan Minerals Corporations d.o.o. in relation to the Cadinje polymetallic project located in Serbia. The Company incurs no penalties in regard to this decision and will have no further liabilities over the project. Recent drilling results did not improve on historical assays from the area and gold assays were low. In addition, the geological interpretation of the project has changed with the recognition of two thrust faults which cut the mineralisation off at depth. Based on current knowledge the Company's technical personnel are of the opinion that the potential to increase the known size of the mineralised resource is limited.

Peter Mullens, CEO of Tethyan Resources, commented, "Tethyan is committed to exploring for gold and base metals within the Balkans and we plan to focus our resources on projects which can deliver the highest return to shareholders".

ABOUT TETHYAN RESOURCES

 

Tethyan Resources PLC is an AIM listed junior exploration company exploring for copper and gold within the Tethyan Mineral Belt. Tethyan has an experienced board and technical team with previous success in junor exploration companies and the involvement in a number of discoveries around the world, headed up by Peter Mullens BSC Geology.  Currently they hold an option of The Suva Ruda Porphyry Copper Gold project located in southern Serbia where they will commence drilling shortly.  In addition Tethyan is looking to expand their portfolio of projects within  Eastern Europe, specifically Serbia and Bulgaria.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For further information please contact:

 

Tethyan Resources Plc                                                          +44 (0)1534 881 885

Peter Mullens (CEO)                                                              [email protected]

 

finnCap Limited - Nominated adviser

Christopher Raggett / Scott Mathieson                                  +44 (0)20 7220 0500

 

 

 


This information is provided by RNS
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