15th Aug 2018 17:45
LONDON (Alliance News) - Savannah Resources PLC said Wednesday that the Directorate General for Energy and Geology rejected six out of nine exploration licence applications in Portugal made by its subsidiary Slipstream Resources Portugal LDA.
The applications were pending when Savannah bought Slipstream, the company said. Savannah is currently awaiting a decision on the remaining three licence applications.
"As these applications had not been granted no exploration work had been conducted on the areas by Savannah," the company added.
The company said that the areas for which the applications were rejected will be the subject of an exploration application round of open public tenders in which it currently intends to participate.
Savannah shares closed down 3.3% at 8.56 pence each.
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