Hunter Resources PLC Exercise of the Company's option over Pampamali (8255R)
July 01 2015 - 4:00AM
UK Regulatory
TIDMHUN
RNS Number : 8255R
Hunter Resources PLC
01 July 2015
1 July 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
Exercise of the Company's option over Pampamali
The board of directors of Hunter (the "Board") is pleased to
announce that, in accordance with the revised and improved terms of
the Joint Venture Agreement (as announced on 8 April 2015, and
defined in the Company's announcement of 9 June 2014) with the
current owners of the Pampamali Project, the Company yesterday
exercised its option to acquire a 51% interest in the Pampamali
Project (the "Option").
On 4 July 2014, the Company's share capital was admitted to
trading on AIM, subject to certain conditions pursuant to Rule 9 of
the AIM Rules for Companies (the "AIM Rule 9 Conditions"). Details
of the AIM Rule 9 Conditions were announced by the Company on 3
July 2014. Following the exercise of the Option the first two AIM
Rule 9 Conditions (as set out in the announcement of 3 July 2014)
have been satisfied and the 12 month period relating to the third
AIM Rule 9 Condition has commenced.
Simon Hunt, Executive Chairman of Hunter, said: "We are
delighted to have now exercised this option to gain a controlling
interest in the Pampamali Project and thereby satisfying the first
two AIM Conditions. Coupled with the new Prospero Project we
announced on 19 June 2015 which approximately doubles the size of
the Company's concessions, this gives us a strong foothold in the
region and the opportunity of potentially sharing future facilities
and infrastructure. The current intention is, therefore, to satisfy
the third AIM Condition."
For further information, please contact:
Hunter Resources plc Allenby Capital Limited
Simon Hunt (Nominated Adviser and
(Chairman) Broker)
+44 7733 337 755 Nick Harriss/Nick Naylor
www.hunter-resources.com +44 20 3328 5656
www.allenbycapital.com
------------------------- -------------------------
Notes to editors
Description of the Pampamali Project
The Pampamali Project, Hunter's first project, is a high-grade
gold, silver and base metal project in Peru.
Pampamali consists of 36 veins identified from surface outcrops.
The high-grade veins have mapped outcrops of between 100 and 2,000
metres in length, with widths ranging from 0.20 to over 3.00
metres. The Pampamali Project has 8 exploration concessions
covering a total area of 3,500 hectares and is located in central
Peru in the Department of Huancavelica, approximately 550 km by
road from the city of Lima.
Description of the Prospero Project
The Prospero Project consists of 5,000 hectares to the north
west of the Pampamali Project. The Prospero Project is close to,
and along strike from the Pamapamali Project, and could potentially
share future facilities and infrastructure. These tenements will be
owned 100% by Hunter's wholly owned subsidiary, Gold Hunter SAC.
The application is now progressing through the normal Peruvian
mining tenement application process.
The ground under application is directly along strike of the
Pampamali Project from which the trend of mineralisation continues
into this new area. Preliminary mapping of the Prospero Project by
the Company's technical team has identified prospective geological
structures and quartz veining with associated hydrothermal activity
and breccias.
Veins can be seen on many of the hillsides and Spanish workings
(which at the Pampamali Project have returned strongly anomalous
gold samples), are evident in several locations. Breccia fragments
and strong iron oxide staining can be found in most of the
streambeds indicative of the presence of mineralisation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKMGGNNMZGKZG
Hunter Res. (LSE:HUN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Hunter Res. (LSE:HUN)
Historical Stock Chart
From Aug 2023 to Aug 2024