Greatland Gold Builds Up Cash Balance of £4million

RNS Number : 9564U

Greatland Gold PLC

30 October 2017

 

30 October 2017

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

Greatland Gold plc

("Greatland" or "the Company")

Greatland Gold Builds Up Cash Balance of £4 million

Cash to be used to facilitate step change in scale of exploration campaigns

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that as at 27 October 2017 it had an accumulated cash balance of approximately £4 million.

The cash balance of approximately £4 million is made up of monies already held by the Company, a Placing of shares totalling £750,000 as announced on 20 September 2017, and the receipt of approximately £2.5 million in cash from recent warrant conversions.

As a result of the significantly strengthened financial position, the Board has commenced a thorough review of all of its exploration programmes and budgets for 2018 and 2019. Management believes that these funds will facilitate a step change in the scale of the exploration campaigns at the Company's key projects. As the Company's plans firm up, it expects to make further announcements regarding its strategy to accelerate exploration at its key projects.

Gervaise Heddle, Chief Executive Officer, commented: "The encouraging results from our recent exploration work give us great confidence in our strategy of targeting under-explored areas with significant potential to host sizeable, high quality mineral deposits.

"Our strengthened cash position means we can aggressively pursue comprehensive and sustained exploration campaigns across all of our key projects over the next two years."

Enquiries:

Greatland Gold PLC

Callum Baxter/Gervaise Heddle

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady/James Keeshan

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson

Tel  [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Ana Ribeiro/Alexis Gore

Tel [phone]

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a London listed natural resource exploration and development company with a current focus on gold, nickel and cobalt exploration projects.  

The Company has six main projects; four situated in Western Australia and two in Tasmania.  All projects are 100% owned by Greatland or Greatland has the right to take 100% ownership.  

Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously.  It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

 

END

 

 

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