("Stellar resources" or "the Company")
Gold Mines of
Gold Mines of
The previously granted Option of one year covered an area of 124 km2 of the gold-belt. In the renewal dated
Under its renewed Option, GMOW retains 107 km2 of exploration area. This most importantly includes the Clogau St Davids mine, the most significant historical producer within the area covered by the Option, as well as the prospective southern area of the gold-belt (62 km2). The granted Option also covers 45 km2 of the gold-belt northern area, which is geologically prospective but vastly unexplored.
The six year Option period now provides GMOW with a firm base on which to drive both regional and near mine (Clogau) exploration. A consultation process has already commenced with a number of exploration service providers who may be contracted to assist. GMOW is now assessing operational and technical options to advance the project as soon as possible. Dr
"On behalf of Stellar, I would personally like to thank GMOW and their staff for all their hard work in securing this extension. This is a tremendous result after a frustrating period of time. The granting of an exclusive six year Option now provides the necessary time frame to properly develop and implement the required exploration programmes in order to adequately assess the economic potential of this famous gold mining district."
Stellar Resources owns 49% of Gold Mines of
+44 (0) 20 7440 0640
James Caithie /
+44 (0) 20 7148 7900
+44 (0) 20 7929 5599
This information is provided by RNS