26th Nov 2018 09:39
LONDON (Alliance News) - Shares jumped in Anglesey Mining PLC on Monday as it agreed with QME Mining Technical Services on a project development and cooperation agreement around the Parys Mountain copper, zinc, lead, gold and silver project in Wales.
Shares in the miner rose 53% to 1.92 pence on Monday.
QME will carry out a programme of design, engineering and optimisation studies related to Parys Mountain future development. The objective of the study is to determine an optimum development plan for the project, using all means of accessing both inferred and indicated resources.
On the completion of the optimisation study, Anglesey will award QME contracts for the development of the decline and underground mine, including the rehabilitation of the shaft.
In addition, on the completion of a prefeasibility study, QME will be granted the right and option to undertake the mine development of the project, following which QME will earn a 30% joint venture interest in the Parys Mountain project.
"We consider this to be a very important and positive step forward in the development of the Parys Mountain mine. QME is experienced in underground mine development and has developed and recruited the necessary skills in mine planning to deliver local and relevant underground mining expertise to Parys Mountain that will assist Anglesey to move forward with the development of the Parys Mountain project at no direct cash cost to Anglesey or dilution of its shareholders," said Chief Executive Bill Hooley.
Related Shares:
Anglesey Mining