REG - Alba Mineral Resrcs. - Operational Update

Alba Mineral ResourcesAnnouncement

20/01/2023 14:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230120:nRST4441Na&default-theme=true

RNS Number : 4441N  Alba Mineral Resources PLC  20 January 2023

Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining

 

20 January 2023

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Operational Update

 

Alba Mineral Resources Plc (AIM: ALBA) provides the following operational
update.

 

Limerick Licence (PL 3824), Ireland

The Company's subsidiary, Aurum Mineral Resources Ltd ("Aurum"), has
surrendered its Limerick prospecting licence (PL 3824) to the Department of
the Environment, Climate and Communications ("DECC") in Ireland.

 

As stated in the RNS of 23 August 2022, the Company had identified exploration
targets for follow-up drilling on its licence. However, subsequently the
necessary third-party consents for the drilling of those targets were not
forthcoming. Alternative drill targets were then identified by the Company but
were considered not to be viable or practicable to pursue further.

 

The Company has therefore surrendered the licence as it is required to do
under the licence terms. There are no financial consequences or penalties to
the Company or Aurum arising from the surrender, and the licence has already
been fully impaired in the Group's audited accounts.

 

While containing prospective targets, the Limerick licence has not been a key
focus for the Company and therefore the surrender has no material impact on
the Company's business or strategic outlook. In fact, the surrender frees up
both expenditure and manpower for Alba's principal assets, namely its 100%
owned Welsh gold projects, supporting the long-term growth of its investee
company GreenRoc Mining Plc, and other potential growth opportunities for the
Company.

 

Clogau-St David's Gold Mine, Wales

On 31 October 2022, the Company reported that it had submitted to the
regulator, Natural Resources Wales ("NRW"), an updated version of its "Report
to Inform a Habitat Regulations Assessment ("HRA")", together with renewed
applications for a water discharge permit and a European Protected Species
licence in respect of the proposed dewatering exercise and subsequent safety
and exploratory works at the Company's primary target within the Lower
Llechfraith workings of the Clogau-St David's Gold Mine.

NRW's most recent advice is that the Company's applications remain in process
and that the Company will be updated on the progress of its applications in
due course. NRW has also advised that its standard turnaround times do not
apply to the Company's applications due to the volume of information, the
complexity of the applications and the requirement for an HRA.

Further material updates will be provided as and when they become available.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.

 

Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.

 

**ENDS**

 

For further information, please visit www.albamineralresources.com
(http://www.albamineralresources.com/)  or contact:  

 

 Alba Mineral Resources Plc  

George Frangeskides, Executive Chairman
+44 20 3950 0725 

 SPARK Advisory Partners Limited (Nomad)   

Andrew Emmott 
                  +44 20 3368 3555 

 OvalX (Broker)  

Thomas Smith
                       +44 20 7392 1494 

 St Brides Partners (Financial PR)  

Isabel de Salis / Catherine
Leftley
alba@stbridespartners.co.uk 

 

Alba's Projects and Investments

 Mining Projects Operated by Alba   Location   Ownership
 Clogau (gold)                      Wales      100%
 Dolgellau Gold Exploration (gold)  Wales      100%
 Gwynfynydd (gold)                  Wales      100%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  50.6%
 Horse Hill (oil)                   England    11.765%

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEADFEASADEFA