26th Mar 2019 10:49
LONDON (Alliance News) - SolGold PLC on Tuesday said its preliminary economic analysis for the Alpala project is "very advanced" despite some unavoidable delays.
SolGold said preliminary mine plan assessments and metallurgical data were more complex than thought, and work on this was necessary "to deliver a high-quality study".
There are currently 11 drilling rigs on the Cascabel project in Ecuador currently, where the Alpala deposit is situated, focusing on higher grade zones to the north-west and south-east of Alpala.
Turning to its planned offer for Cornerstone Capital Resources Inc, SolGold is also facing delays, including a requirement for the document to be translated into French.
SolGold in February criticised Cornerstone, which holds 15% of Cascabel, for "so quickly" dismissing its plans to make an offer for the company.
SolGold had indicated it would offer 0.55 of a SolGold share for each Cornerstone share, giving Cornerstone's shareholders an active participation in Cascabel, which contains the Alpala prospect.
SolGold shares were 3.7% lower on Tuesday morning at 38.70 pence each.
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