6th Feb 2017 09:17
LONDON (Alliance News) - Strategic Minerals Ltd on Monday said it has exercised its option to acquire more shares in Cornwall Resources Ltd.
Strategic Minerals said it has acquired a further 248,864 shares in Cornwall Resources for GBP843,649, taking its total holding to 309,837 shares or a 50% stake in the business.
Cornwall is a joint venture with New Age Exploration Ltd for the Redmoor tin and tungsten project in Cornwall in the UK.
"The funding of the option payment now sets the framework in place for progressing the 2017 Redmoor tin/tungsten drilling programme near Kelly Bray, Cornwall. We look forward to updating the market on the drilling programme in the first quarter of 2017," said John Peters, managing director of Strategic Minerals.
Shares in Strategic Minerals were up 3.9% to 0.61 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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