24th Sep 2015 07:49
LONDON (Alliance News) - Greatland Gold PLC on Thursday said it has shifted its strategy amid the challenging commodities environment to focus on more advanced projects and will cut it exposure to early-stage mineral exploration work.
Greatland said the decision to shift strategy will mean its will relinquish all but two areas at the Ernest Giles project in Western Australia and will give up large parts of the Bromus Project in the same region. At Ernest Giles, it will retain the Meadows and Carnegie licences and will give up any targets deemed too deep and early stage to be pursued in the current environment.
At Bromus, it will give up large parts of the project area and will retain a focus on areas with undrilled bedrock conductors. It had planned to carry out this drilling work in the third quarter, but this will be delayed to the fourth quarter as all approvals are not yet in place to start the work.
The group will also relinquish several areas deemed low priority at the Firetower Project in Tasmania, but will keep hold of the core gold mineralisation area at the site and the Firetower West copper prospect.
At the Warrentinna Project, also in Tasmania, Greatland will keep hold of the whole project, with drilling due to start in the fourth quarter.
"Due to challenging market conditions, Greatland has altered its strategy. We will now focus on our more advanced exploration assets, whilst significantly reducing our exposure to early stage mineral exploration. We are actively seeking new opportunities for near term production and are currently evaluating several projects in jurisdictions outside of Australia," said Callum Baxter, Greatland's chief executive.
Shares in Greatland were down 5.9% to 0.08 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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