12th Mar 2014 11:12
LONDON (Alliance News) - Xtract Resources PLC Wednesday it has extended the exclusive agreement with Aardvark Uranium Ltd on the possible acquisition of the Namakwa Surface Uranium deposit in South Africa until April 10 so that it can complete due diligence on the project.
"Due to the completion of the acquisition of Chepica and Mejillones Projects in Chile, Aardvark has kindly extended the exclusivity period in order for management to complete the due diligence on the Namakwa Deposit," Xtract Chief Executive Jan Nelson said in a statement.
"We are excited about this project which is at an advanced stage, with excellent infrastructure and no further geological work or drilling required to evaluate the central zone. The due diligence is focused on the consideration of the metallurgical test work programme in order to confirm recoveries and determine the capital cost of a plant," Nelson said.
Xtract had signed an exclusive option agreement for the potential Namakwa acquisition back in November, but last month was busy completing a deal to buy the Chepica gold and copper mine in Chile.
Xtract Resources shares were down 1.4% at 0.2317 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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