Renewal of License (1159W)
January 25 2012 - 2:00AM
UK Regulatory
TIDMCSS
RNS Number : 1159W
CSS Stellar PLC
25 January 2012
25 January 2012
CSS Stellar plc
("the Company")
Renewal of License
CSS Stellar Plc (AIM: CSS) is pleased to announce that the
Exclusive Option Agreement (the "License") granted to Gold Mines of
Wales (Operations) Ltd ("GMOW") has been renewed for 12 months from
10 February 2012.
The License was originally granted by The Crown Estates
Commissioners, acting in exercise of the powers of the Crown Estate
Act 1961 on behalf of her Majesty the Queen, to explore and sample
gold and silver over about 120 square kilometres covering the
majority of the Dolgellau gold belt in the County of Gwynedd in
Wales. The exploration area covers the two largest gold mines in
the region, the Clogau St David's and Gwynfynydd mines. Until then,
no one company had the rights to systematically explore the entire
gold belt with modern exploration techniques. The area is known to
host several different minerals apart from gold and silver,
including copper, lead and zinc. GMOW is in the process of securing
base mineral rights over the entire area.
An independent expert's report is currently being prepared by Al
Maynard and Associates, an independent geological consultancy. This
report will assist in ascertaining a regional exploration plan
using the latest exploration techniques and will target priority
exploration areas.
On 2 December 2011, CSS Stellar plc announced that it had
completed an agreement to acquire 49% of the issued share capital
of Gold Mines of Wales Limited which, through its wholly-owned
subsidiary GMOW, holds the License.
David Lenigas, CSS Stellar Director, commented;
"This significant milestone allows the Company to prepare for
the area's first concerted regional exploration programme covering
the Dolgellau greenstone belt. CSS Stellar also plans to work with
GMOW and the local authorities to assess the economic viability of
re-opening meaningful gold mining operations. In the meantime, we
await the findings of the independent geological report and look
forward to providing the results of this as soon as it is
ready."
For further Information, please contact:
CSS Stellar plc
David Lenigas Tel: 020 7440 0640
Northland Capital Partners Limited (Nominated Adviser and
Broker)
Luke Cairns / Edward Hutton Tel: 020 7796 8800
This information is provided by RNS
The company news service from the London Stock Exchange
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