Australia's New World Resources rises on deal to acquire land near Arizona project

New World Resources

03/03/2022 02:22

** Shares of copper explorer New World Resources  NWC.AX 
rise as much as 3.2% to A$0.065, their highest level since Feb.
24
    ** Co enters https://www.asx.com.au/asxpdf/20220303/pdf/456nf51klx7twd.pdf
 a binding option agreement giving it the right to acquire about
840 acres of private property adjacent to its high-grade Antler
Copper Deposit in Arizona, U.S.
    ** It is anticipated that almost all surface infrastructure
for mine development can now be optimally sited on
privately-owned land, which will streamline the State of Arizona
regulatory framework for mine permitting - NWC
    ** Says execution of deal will also reduce the project's
footprint and help minimise capital and operation costs
    ** Co can exercise its option to acquire the land at any
time in the next five years
    ** More than 5 mln shares have changed hands, vs the 30-day
average of about 3 mln shares 
    ** Stock down ~20.3% YTD as of last close 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))