13th Nov 2015 09:25
LONDON (Alliance News) - North River Resources PLC on Friday said it is continuing talks to secure a licence for the Namib lead-zinc project in Namibia and will keep costs to a minimum as it awaits the licence award.
North River said at the end of October it would review is short-term strategy in order to ensure the USD4.0 million it raised in the same month will be used well given the mining licence for the project had not been received by the end of the month.
It said "active and constructive" talks are ongoing with the Namibian Ministry of Mines and Energy on the licence, while preparations for the project financing and a construction decision are continuing.
North River added front end engineering design on the project is proceeding.
"I would like to thank shareholders for their patience whilst we have closely analysed and streamlined the activities planned at Namib following receipt of the USD4.0 million. Our focus is to ensure we pursue workstreams that advance the project towards a construction decision and facilitate effective construction funding negotiations," said James Beams, the company's chief executive.
Shares in NorthRiver were down 23% to 0.073 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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