5th Jun 2015 07:24
LONDON (Alliance News) - Sula Iron & Gold PLC on Friday said its Blue Horizon (SL) Ltd subsidiary has made an application for a new exploration licence adjacent to its existing Ferensola project in Sierra Leone.
The new licence area, called Tanyareh, is believed to be highly prospective for coltan and gold, Sula said. The application is for an initial four-year exploration licence and it expects the application process to take around three months.
"We are very excited to have been able to make this application for the Tanyareh licence, being in an ideal location, adjacent to our Ferensola project. We believe Tanyareh to be highly prospective for coltan and also for gold, which complements our existing exploration programmes within Ferensola," said Sula Chief Executive Nick Warrell.
Sula shares were up 6.2% to 1.54 pence on Friday morning, one of the best performers in the AIM All-Share in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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