29th Apr 2016 10:44
LONDON (Alliance News) - Ferrum Crescent Ltd said Friday it plans to establish a resource estimate for both the Toral project and Lago project, after having secured the exclusive option to acquire GoldQuest Iberica SL, which owns the projects, in February.
Ferrum holds an exclusive option to acquire 100% of GoldQuest and has until the end of July to exercise that option.
Ferrum said on Friday it plans to exercise the option in "due course" and then pursue a low cost, highly focused work programme to define the economic and geological characteristics of the Iberian Projects including the definition of Joint Ore Reserves Committee compliant resource estimates.
Ferrum also noted it has completed its review and strategic re-focusing of its assets and corporate structure during the period, noting it is now well placed for growth.
"Within the company, we also made significant cost savings and restructured the company to focus on the next stage of our growth. I believe we are now making rapid, efficient progress to move Ferrum Crescent forward and start generating news flow and results from the strong assets we have, which are backed by a highly capable team," Executive Chairman Ferrum Crescent Justin Tooth said.
Shares in Ferrum were up 7.1% at 0.150 pence on Friday.
By Hannah Boland; [email protected]; @Hannaheboland
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