Australia's Enterprise Metals slumps as Evolution Mining withdraws from JV

Enterprise Metals

23/12/2021 04:43

** Shares of the gold explorer  ENT.AX  fall as much as 6.3% to
A$0.015, on track for sharpest single-day pct fall since Dec 16 
    ** Co says Evolution Mining  EVN.AX  has withdrawn from the 
earn-in joint venture for Murchison Project in central Western
Australia, effective Jan 17  urn:newsml:reuters.com:*:nASXbNrXKr
    ** Shares of gold miner Evolution Mining rise as much as 5%
to a more than one-month high of A$4.180
    ** EVN had entered the agreement in June 2019, on terms that
it could earn an 80% interest in the project by spending A$6 mln
($4.32 mln) on exploration over four years
    ** ENT says drilling results to-date were not sufficient for
EVN to continue funding 100% of exploration
    ** ENT stock has fallen 5.9% this year, as of last close

($1 = 1.3877 Australian dollars)


($1 = 1.3873 Australian dollars)

 (Reporting by Roushni Nair in Bengluru)
 ((Roushni.Nair@thomsonreuters.com;))