19th Oct 2015 08:05
LONDON (Alliance News) - Sula Iron & Gold PLC on Monday said it has made progress on the Ferensola gold project in Sierra Leone since its interim results in June.
Sula said it has signed a new drilling contract with Energold Drilling Corp to handle an extended drilling programme at the site in November and said the drill programme is now of a sufficient size that the company can seek to formally engage with a potentially-interested, unnamed international gold company about partnering on the project.
The company has also applied for a USD6.0 million loan from the International Finance Corp, a member of the World Bank, to back work at Ferensola.
"The extended drilling programme is an important factor in enabling Sula to potentially attract a Tier 1 gold producer. Further to the recent placing, the company now has the necessary funds in place to complete this programme," said Nick Warrell, Sula's chief executive.
Shares in Sula were down 6.5% to 0.3505 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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