Power Metal Resources PLC Haneti Project - Commercial Update (0899N)
May 15 2020 - 9:00AM
UK Regulatory
TIDMPOW
RNS Number : 0899N
Power Metal Resources PLC
15 May 2020
15 May 2020
Power Metal Resources plc ("POW" or the "Company")
HANETI POLYMETALLIC PROJECT - COMMERCIAL UPDATE
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update regarding commercial developments in respect of the Haneti
polymetallic project (the 'Haneti Project').
BACKGROUND:
On 15 March 2019 POW (formerly African Battery Metals plc)
announced an Investment and Option Agreement with Katoro Gold plc
(LON:KAT) ("Katoro") whereby POW could acquire up to a 35% interest
in the Haneti Project. This announcement may be viewed through the
following link:
https://www.powermetalresources.com/n/n94/investment-and-option-agreement-with-katoro-gold-plc
After completing its due diligence, POW duly acquired a 25%
interest in the Haneti Project on 15 May 2019 and held an option to
acquire a further 10% interest in the Haneti Project through a
payment to Katoro of GBP25,000 by 15 May 2020.
In recent months Katoro has received approaches from external
third parties with a view to earn-in, joint venture or similar, in
respect of the Haneti Project, with a primary focus on the nickel
sulphide exploration potential.
Reflecting this, Katoro and POW have agreed an extension to the
above 15 May 2020 deadline to 31 May 2020 to allow time to finalise
restructuring discussions in respect of Haneti Project
ownership.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"The Haneti Project is a substantial exploration project with
multiple commodity targets across the land package and most notably
the advanced nickel sulphide targets.
It is no surprise to see interest in the Project and it is very
important for us to work with Katoro to ensure that the project
ownership is appropriately structured.
I look forward to providing a further update to the market
shortly."
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +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
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed 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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