14th Apr 2015 11:16
LONDON (Alliance News) - Stellar Resources PLC Tuesday said Gold Mines of Wales Ltd, a company in which it holds a 49% stake, has requested an extension to its exclusive option agreement concerning an exploration license in its name-sake country.
Gold Mines of Wales has requested the extension to the agreement with Crown Estates, a statutory corporation run on commercial lines by the Crown Estate commissioners under the provisions of the Crown Estate Act 1961, which is tied in to the HM Treasury and was created by an Act of Parliament.
The license in question covers a 120 kilometre squared area and contains the entire Dolgellau gold belt, including the historic Clogau gold mine.
Stellar Resources said the extension is currently being discussed and a further announcement will be made in due course.
Stellar Resources was one of the companies involved in the potentially significant oil discovery made last week near Gatwick Airport, which could harness between 3.0 billion to 15.0 billion barrels of oil.
Stellar shares were up 14.7% to 0.516 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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