Licence Extension Over Clogau-St David's Gold Mine

RNS Number : 6949O

Alba Mineral Resources PLC

11 February 2021

 

Alba Mineral Resources plc

("Alba" or the "Company")

Extension of Term of Exclusive Exploration Licence over

Clogau-St David's Gold Mine, North Wales

Alba Mineral Resources plc (AIM: ALBA) is pleased to report that The Crown Estate has agreed to extend the duration of the Company's exclusive exploration licence over the Clogau-St David's Gold Mine in north Wales.

Alba's subsidiary, GMOW (Operations) Limited ("GMOW"), was originally awarded a six-year exclusive exploration licence, termed an Option Agreement, with effect from 10 February 2015 over a 107 km² area encompassing the Clogau-St David's Gold Mine and the majority of the Dolgellau Gold Belt (the "Exploration Licence"). 

The Exploration Licence has now been extended for a further four years, being the maximum extension possible under the terms of the original licence.  As such, the Exploration Licence will now remain in full force and effect until 9 February 2025.  In keeping with the original licence terms, GMOW is required to submit formal progress reports every two years.  As and when GMOW is ready to proceed to commercial production, it will apply to convert the Exploration Licence into a formal, long-term Lease.

George Frangeskides, Alba's Executive Chairman, commented : "We are delighted to have secured the maximum possible extension to our exclusive exploration licence over the Clogau-St David's Gold Mine.  We can now continue our progress towards reopening the mine, secure in the knowledge that our rights are protected into the future."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Alba Mineral Resources plc

George Frangeskides, Executive Chairman                              [phone]

Cairn Financial Advisers LLP (Nomad)

James Caithie / Liam Murray                                                  [phone]

ETX Capital (Broker)

Thomas Smith                                                                      [phone]

Alba's Project and Investment Portfolio

Project (commodity)	Location	Ownership
Mining Projects
Amitsoq (graphite)	Greenland	90%
Clogau (gold)	Wales	90%
Inglefield (copper, cobalt, gold)	Greenland	100%
Limerick (zinc-lead)	Ireland	100%
Melville Bay (iron ore)	Greenland	51%
TBS (ilmenite)	Greenland	100%
Oil & Gas Investments
Brockham (oil)	England	5%
Horse Hill (oil)	England	11.765%

 

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