Katoro Gold Update

RNS Number : 0064H

Power Metal Resources PLC

29 July 2019

 

29 July 2019

Power Metal Resources plc ("POW" or the "Company")

Katoro Gold Update

Power Metal Resources plc (LON:POW) the AIM listed African focused metals exploration and development company is pleased to draw investors' attention to the announcement issued today by Katoro Gold plc (LON: KAT)("Katoro Gold").

Power Metal Resources holds 10,000,000 new ordinary shares of 1 pence each representing 5.95% of Katoro Gold's issued share capital.  In addition, POW also holds 10,000,000 warrants in Katoro Gold exercisable at 1.25p per share (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 Gold's Haneti Nickel project in Tanzania, with a right to increase its interest to 35% by a payment to Katoro Gold of £25,000 in cash by 15 May 2020.

Katoro Gold have today announced the findings from an internal review of its Imweru and Lubando gold projects which currently host a JORC compliant gold resource of 754,980 ounces. 

Investors wishing to view the Katoro Gold announcement may do so through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/rm50g8w

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

Power Metal Resources plc
Paul Johnson (Executive Director)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat	[phone]

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                         [phone]

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed African focused metals exploration and development company exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel. 

 

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