Australian miner Carbine Resources slips as Mt Morgan Project operations cease

Carbine Resources

22/03/2018 23:57

** Shares of Carbine Resources Ltd  CRB.AX , engaged
primarily in development of Mount Morgan gold and copper
project, shed as much as 13.9 pct to A$0.031, their lowest since
March 15
    ** Company says it will cease all project expenditure and
stop all work associated with the Mount Morgan Project,
effective immediately  urn:newsml:reuters.com:*:nASX1sfmJ5
    ** Operations ceased as an economic review of the project
forecast a jump in all-in sustaining cost to A$862/oz from
A$549/oz estimated in feasibility study  urn:newsml:reuters.com:*:nASX2Y5DcL
    ** Announces resignation of managing director Tony James and
appointment of Evan Cranston as non-executive chairman
    ** Company says will not exercise its option to acquire
remaining 25 pct interest in Mount Morgan from Raging Bull
Mining Pty Ltd     
    ** Stock posts biggest intraday pct fall in 1 month and
slides 52 pct this year as of Thursday's close
    ** About 1.9 mln shares change hands, compared with 30-day
average volume of 1 mln

 ((Reuters Messaging:
nicole.pinto.thomsonreuters.com@reuters.net))