14th Jul 2016 08:54
LONDON (Alliance News) - European Metals Holdings Ltd on Thursday said it has made progress on the pre-feasibility study for the Cinovec lithium-tin project in the Czech Republic.
European Metals said the study is now well underway. The appointment of key members of the team managing the project has been completed, with lead engineering, metallurgy, mining and geological consultants also hired.
Metallurgical testwork to support the study is also underway, and a third drill rig is now on site and has started drilling as part of the work programme.
"I am very pleased with the progress achieved on the PFS that we are currently undertaking. We are making good progress on all fronts and the re-design of the mining process in particular appears to show a significant positive impact on the financial model of the project," said Keith Coughlan, managing director of European Metals.
Shares in European Metals were down 4.9% to 24.01 pence Thursday.
Fellow AIM-listed Rare Earth Minerals PLC, which holds a 16.4% stake in European Metals Holdings at a corporate level, also noted the update on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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