25th Feb 2015 14:06
LONDON (Alliance News) - Greatland Gold PLC on Wednesday said it has decided to dispose of its interest in the Lisle Gold Project in Australia after a farm-in partner on the prospect decided to withdraw.
Greatland said Tamar has withdrawn from the farm-in arrangements for the Tasmania-based project, citing tight capital markets and a lack of access to suitable funding as reasons for the decision.
Greatland said the withdrawal of Tamar allowed it to review its interest in the Lisle licence and it has decided to dispose of the asset after deciding it is non-core.
The company said the decision would allow it to focus on its other, core projects.
"Whilst we are disappointed that Tamar has withdrawn from the Farm-In arrangement, from Greatland Gold's perspective, the disposal will allow us to focus on the very significant opportunities in our primary assets of Ernest Giles, Bromus, Firetower and Warrentinna," said Greatland Chief Executive Officer Callum Baxter.
Shares in Greatland were down 2.7% to 0.18 pence on Wednesday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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