16th Jan 2020 14:57
(Alliance News) - ECR Minerals PLC on Thursday said its Australian unit has received a AUD555,212, around GBP294,469, cash refund from the government pertaining to research into gold deposits within its exploration licences located in Victoria.
Mercator Gold Australia Pty Ltd received the cash refund of research and development expenditure under the Australian government's R&D Tax Incentive scheme, the London-based exploration company said.
Mercator owns the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration projects in central Victoria and the Windidda gold project in the Yilgarn region, Western Australia.
ECR's Chief Executive Officer Craig Brown said: "I am very pleased to announce the receipt of this cash refund by MGA, which provides a significant boost to the group’s cash position. The gold price remains strong and we believe there is considerable and growing interest in respect of Australian gold exploration, and we have also observed strong interest in the Victorian goldfields where we have an active exploration portfolio".
ECR Minerals shares were down 7.7% at 0.67 pence each in London on Thursday afternoon.
By Tapan Panchal; [email protected]
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