25.7 C
Belgrade
Supported byspot_img
spot_img

Metal Tiger miner secures funds to extend its gold JV with Euroasia Mining

Member of Europium Groupspot_img
Supported byspot_img

Metal Tiger will fund a further US$50,000 of exploration costs in addition to US$50,000 already spent and work alongside Eurasia thereafter.

Metal Tiger plc has received £269,000 in additional funds from warrant exercises over the past two days.

The warrants had been issued at prices of 1.6p and 1.8p.

Supported by

The money will help Metal Tiger pay for the take-up of its option over the Semenovsky gold tailings joint venture in Russia with Eurasia Mining.

Paul Johnson, chief executive, said: ”The project fundamentals, particularly recently updated and announced in February made exercise of this option an obvious commercial decision for the company. “

Under the terms of the option, Metal Tiger will fund a further US$50,000 of exploration costs in addition to US$50,000 already spent and work alongside Eurasia thereafter.

Eurasia so far has spent US$135,000on the project, which in February was estimates to have a net present value of US$23mln.

Its last internal valuation pointed to potential total gross revenue of approximately US$86mln over a 10 year mine life with net project total cash inflow of approximately US$51mln.

Christian Schaffalitzky, Eurasia Mining’s manage director, said: “We are pleased to confirm Metal Tiger’s participation in the Semenovsky Tailings Project.

“The board of Eurasia Mining believe that the project offers a very attractive opportunity to move into production generating revenues and cash inflow, something that investors are increasingly keen to see in the junior mineral equity space.”

Source: Proactive investor

Supported byElevatePR Digital

Related News

Ukraine’s strategic importance in global critical raw material supply chains amid geopolitical dynamics

Ukraine's role in global supply chains for critical raw materials is increasingly pivotal amidst ongoing geopolitical challenges. These include the Russian invasion of Ukraine,...

Nornickel in talks with China Copper for copper smelting venture in China

Russian mining giant Nornickel is reportedly in discussions with China Copper to establish a smelting facility in China. This joint venture aims to relocate...

Pan Asia Metals secures option agreement for RK Lithium Prospect in Thailand

Pan Asia Metals Limited has taken a significant step forward by securing an exclusive option agreement for the RK Lithium Prospect in Thailand. This...

Critical Metals partners with Obeikan Group to build lithium hydroxide plant in Saudi Arabia

Mining company Critical Metals has finalized a joint venture (JV) agreement with the Obeikan Group to establish a lithium hydroxide processing plant in Saudi...
Supported by
Supported by
Supported by
error: Content is protected !!