Crown Estates grants 12 month extension

RNS Number : 4567Y

Stellar Resources PLC

24 January 2014

 



24 January 2014

Stellar Resources plc

 ("Stellar Resources" or the "Company")

Crown Estates grants 12 month extension of Welsh Gold Properties.

Stellar Resources (AIM: STG) is pleased to announce that the Crown Mineral Agent has formally approved a 12 month extension of the exclusive Option Agreement between the Crown Estates and Gold Mines of Wales (Operations) Ltd ("GMOW"). Stellar owns 49.9% of GMOW.

GMOW currently holds an exploration licence covering an area of 120km² which contains the entire Dolgellau Gold Belt, including the historic Clogau Gold mine.

GMOW is now employing 4 local consultants and has a highly experienced technical team assisted by SRK Cardiff.

David Lenigas, Stellar Resources Executive Chairman, commented:

"GMOW will continue the exhaustive work of re-opening the extensive underground workings and assessing the best method of potentially commencing trial mining operations in the district."

"Some of the underground areas opening up during 2013, as previously announced, have the potential to form the basis for a phased re-start of commercial mining operations at these famous mines and we will be working closely with our partners and local authorities on how best to achieve this. "

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Enquiries:

Stellar Resources plc David Lenigas, Executive Chairman Donald Strang, Finance Director	[phone]
Cairn Financial Advisers LLP James Caithie / Paul Trendell Public Relations: Square 1 Consulting Ltd David Bick/Mark Longson	[phone] [phone]

 

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