Australia Copper-Gold Option Update

RNS Number : 8843U

Power Metal Resources PLC

08 April 2021

 

8 April 2021

Power Metal Resources plc

("Power Metal" or the "Company")

Australia Copper-Gold Option Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to advise shareholders that it has secured a short extension to its option (the "Option") to acquire First Development Resources (Pty) Limited ("FDR Australia"), an Australian private company with a portfolio  of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia.

The original Option agreement including terms for option exercise was announced on 19 January 2021 and may be viewed through the following link:

https://www.powermetalresources.com/n/n340/option-signed-australia-copper-gold-acquisition

The original Option agreement provided for an exercise period ending today (8 April 2021), and this has now been extended to 16 April 2021.

The extension was necessary to allow the Power Metal team sufficient time to finalise due diligence work.

In addition, the Company has recently been made aware of additional projects in the Paterson Province that may be suitable for acquisition to further build the portfolio.  Those additional projects are also under expedited review at present.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

Notes to Editors:

P ower Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

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 global metals exploration.

 

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