12th Apr 2016 07:59
LONDON (Alliance News) - Mariana Resources Ltd on Tuesday said it has notified Sumin Resources Ltd of its intention to withdraw from the Nassau gold project in Suriname.
Mariana said it made the decision after evaluating all exploration results for the project received so far, the significant financial commitment required under is earn-in agreement, and its other, higher-priority opportunities.
Mariana said it has earned a 10.2% direct interest in the project to date and will keep this interest "as warranted".
"Mariana considers Suriname to be an attractive gold exploration destination and remains committed to the region. Whilst the Nassau gold project has been an active project for Mariana, the results to date and milestones achieved were not what the company had anticipated in terms of the strategy to drive projects up the value chain," said Chief Executive Glen Parsons.
"It is therefore difficult for Mariana to justify further expenditure under the current earn-in agreement and as a direct consequence the decision has been made to terminate the option agreement with Sumin," Parsons added.
Shares in Mariana were down 2.6% to 1.85 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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