Alba Mineral Resources plc
("Alba" or the "Company")
Extension of Term of Exclusive Exploration Licence over
Clogau-St David's Gold Mine, North Wales
Alba Mineral Resources plc (AIM: ALBA) is pleased to report that The Crown Estate has agreed to extend the duration of the Company's exclusive exploration licence over the Clogau-St David's Gold Mine in north Wales.
Alba's subsidiary, GMOW (Operations) Limited ("GMOW"), was originally awarded a six-year exclusive exploration licence, termed an Option Agreement, with effect from 10 February 2015 over a 107 km² area encompassing the Clogau-St David's Gold Mine and the majority of the Dolgellau Gold Belt (the "Exploration Licence").
The Exploration Licence has now been extended for a further four years, being the maximum extension possible under the terms of the original licence. As such, the Exploration Licence will now remain in full force and effect until 9 February 2025. In keeping with the original licence terms, GMOW is required to submit formal progress reports every two years. As and when GMOW is ready to proceed to commercial production, it will apply to convert the Exploration Licence into a formal, long-term Lease.
George Frangeskides, Alba's Executive Chairman, commented: "We are delighted to have secured the maximum possible extension to our exclusive exploration licence over the Clogau-St David's Gold Mine. We can now continue our progress towards reopening the mine, secure in the knowledge that our rights are protected into the future."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
Cairn Financial Advisers LLP (Nomad)
James Caithie / Liam Murray +44 20 7213 0880
ETX Capital (Broker)
Thomas Smith +44 20 7392 1494
Alba's Project and Investment Portfolio
| Project (commodity) | Location | Ownership |
| Mining Projects | ||
| Amitsoq (graphite) | Greenland | 90% |
| Clogau (gold) | Wales | 90% |
| Inglefield (copper, cobalt, gold) | Greenland | 100% |
| Limerick (zinc-lead) | Ireland | 100% |
| Melville Bay (iron ore) | Greenland | 51% |
| TBS (ilmenite) | Greenland | 100% |
| Oil & Gas Investments | ||
| Brockham (oil) | England | 5% |
| Horse Hill (oil) | England | 11.765% |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
