29th Oct 2018 13:00
LONDON (Alliance News) - URU Metals Ltd on Monday said it applied for the renewal of the prospecting rights, that make up the Zebediela nickel sulphide project, to the South African Department of Mineral Resources.
The project comprises of 148PR, 1074PR and 11921PR licenses.
The regulator has completed a site visit, a pre-condition of any prospecting rights renewal process and granted the renewal, the AIM-quoted resource company said.
However, the right has not yet been counter signed by URU Metals and the regulator, the company said, and the renewal period will only commence upon signature of the renewed licences, which is expected to occur in November.
The delay is a result of the prolonged closure of the regional office, URU Metals said.
In addition, the company said it applied to append licences 1074PR and 11921PR to 148PR licence. This application will be processed once the execution of the renewals has occurred, which will have the effect of consolidating these prospecting rights into a single prospecting right.
URU has received an indication from the South African Department of Mineral Resources that the rights will be renewed for a further period of two to three years and expects the consolidation process to be completed by January 2019.
URU Metals shares were down 10% on Monday at 0.27 pence each.
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