29th Apr 2014 09:14
LONDON (Alliance News) - North River Resources PLC said Tuesday it has submitted an application for a Mining Licence for the Namib Lead zinc silver mine with the Ministry of Mines and Energy in Namibia.
The firm said it has also applied for a renewal of the EPL 2902, in which the mine is located, and which contains a number of near mine exploration targets integral to the project.
Work on the Feasibility Study - which was on track at the end of March - has been delayed due to the slow completion of metallurgy testing, said North River. "In the meantime we are continuing to perform value optimisation on the various studies," it said.
The company said it currently anticipates the study to be completed in approximately two months.
North River raised GBP200,000 through a placing of about 30.8 million shares in March as a top up of its working capital.
Shares in North River were trading 11.11% lower at 0.6 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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