RCS - Power Metal - Katoro Gold Update
RNS Number : 1029RPower Metal Resources PLC25 June 202025 June 2020
Power Metal Resources plc ("POW" or the "Company")
Katoro Gold Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to draw investors' attention to the announcement issued today by Katoro Gold plc (LON: KAT)("Katoro Gold" or "Katoro").
The announcement may be viewed through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/xznznlx
POW HOLDING IN KATORO GOLD
Power Metal Resources holds 10,000,000 Katoro shares which currently represents 3.99% of Katoro Gold's issued share capital. In addition, POW also holds 10,000,000 warrants in Katoro Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).
POW also has a 25% interest in Katoro's Haneti polymetallic project in Tanzania, with a right to increase its interest to 35% by a payment to Katoro of £25,000 in cash by 31 August 2020.
EXTRACT FROM KATORO GOLD ANNOUNCEMENT
"The Haneti Polymetallic Project:
In recent months, Katoro has received mid and tier 1 approaches with a view to earn-in, joint venture or similar, in respect of the Haneti Project, with a primary focus on the nickel sulphide potential.
Whilst these discussions are ongoing, the Company will continue to enhance the intrinsic value of the project through further exploration work. In this regard the Company intends to finalize and execute an exploration drill program over the existing drill ready targets at Haneti. (For further information on Haneti please see RNS dated 26 June 2019)"
Paul Johnson Chief Executive Officer of POW commented:
"We note the oversubscribed placing undertaken by Katoro as announced today. It is positive to see Katoro progressing discussions following approaches from mid and tier 1 companies with regard to the Haneti project and also the finalisation and execution of an exploration drill programme.
The Haneti project is one of two POW project interests that are gearing up to undertake a drill programme, the other being the Molopo Farms Complex project in Botswana. Both projects are targeting potentially high-impact nickel sulphide discoveries.
I look forward to reporting further developments."
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat
+44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson
+44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson
+44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale discovery of precious or base metals.
The Company has a portfolio including key interests in Australia, Botswana, Cameroon, The DRC and Tanzania. The interests represent large scale exploration projects targeting mainly cobalt, copper, gold, nickel and platinum group metals. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive metals exploration.
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 or visit www.rns.com.ENDNRAEAEKSALXEEFA
Recent news on Power Metal Resources
See all newsREG - Power Metal Res. - Molopo Farms Complex, Botswana – Drilling Update
AnnouncementREG - Power Metal Res. - Admission to trading on OTCQB Market
AnnouncementREG - Golden Metal Rsrcs. Power Metal Res. - Holding(s) in Company
AnnouncementREG - Power Metal Res. - Total Voting Rights
AnnouncementREG - Power Metal Res. - Results of Annual General Meeting
Announcement