Power Metal Resources PLC Katoro Gold Update (9815R)
November 01 2019 - 6:35AM
UK Regulatory
TIDMPOW
RNS Number : 9815R
Power Metal Resources PLC
01 November 2019
1 November 2019
Power Metal Resources plc ("POW" or the "Company")
Katoro Gold Update
Power Metal Resources plc (LON:POW) the AIM listed African
focused metals exploration and development company is pleased to
draw investors' attention to the announcement issued today by
Katoro Gold plc (LON: KAT)("Katoro Gold")("Katoro").
The announcement may be viewed through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/xq298kx
Power Metal Resources currently holds 10,000,000 shares which
currently represents 5.57% of Katoro Gold's issued share capital.
In addition, POW also currently holds 10,000,000 warrants in Katoro
Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March
2022 and 7,500,000 warrants expiring on 15 May 2022).
POW also has a 25% interest in Katoro Gold's Haneti nickel
project in Tanzania, with a right to increase its interest to 35%
by a payment to Katoro Gold of GBP25,000 in cash by 15 May
2020.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented "We note the announcement by Katoro Gold regarding
it's Imweru gold project transaction. The transaction provides an
opportunity for regional project consolidation and a considerably
faster route to gold production.
However we also note with interest the improving operating
environment in Tanzania, with the positive sentiment in country
demonstrated by the level of interest shown by other third party
gold mining companies in the Katoro gold projects.
At this stage in the junior resource cycle the return of
confidence and increasing interest from third parties means the
inherent value of Katoro's gold interests may become increasingly
apparent."
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Executive Director) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed African
focused metals exploration and development company exploring for
the key metals used in power generation, transmission, storage and
utilisation. The Board and team of advisors, who have proven
expertise in exploration, mining and project generation, have
identified an opportunity to utilise the Company's position to
become a leader in the London market for investors to gain exposure
to the power metal commodity suite, particularly cobalt, lithium,
copper and nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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