29th Jan 2016 10:55
LONDON (Alliance News) - European Metals Holdings Ltd said it made continued progress in developing its Cinovec lithium and tin project in the Czech Republic in the quarter to end-December.
The company listed on AIM in early December, and it hopes the listing will facilitate investment in the company from European investors, who it said have shown increasing interest in both the lithium market and the Cinovec project.
During the quarter, the company continued its drill program at Cinovec, and four core holes were completed for a total of 1,655.3 meter. It also completed pre-concentration and subsequent milling of a lithium bulk sample from the project, with 420 kilograms of lithium mica concentrate recovered as a result of this shipped to Australia for further metallurgical test work.
Also during the period, European Metal's largest shareholder Rare Earth Minerals increased its stake in the company, now holding around a 12% stake in European Metals. Also, Rare Earth Chief Executive Officer Kiran Morzaria was appointed to European Metals' board as non-executive director.
Shares in European Metals were untraded Friday morning. They last closed at 6.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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