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Operational Update - Spain

RNS Number : 5144V
Metal Tiger PLC
10 August 2015
 

METAL TIGER PLC

10 August 2015

 



Metal Tiger plc

("Metal Tiger" or the "Company")

 

Operational Update - Spain

 

 

Metal Tiger (LON: MTR), the natural resources investing company is pleased to announce an update with regard to Tungsten and Gold exploration operations at the Company's Joint Venture in Extremadura, Spain.

 

Readers are advised to refer to previous announcements made by the Company in respect of the 2015 exploration work undertaken by the Joint Venture, the most recent of which was released on 16 July 2015.

 

Highlights:

 

-      Metal Tiger has now paid €250,000 out of the €500,000 total 2015 commitment in order to earn into a 50% holding in Logrosán Minerals Limited which holds the interest in the Logrosán project;

 

-      Recommencement of drilling operations is anticipated to take place as scheduled in early September 2015;

 

-      Advance planning for drill recommencement underway including ordering of drill rods, spare parts and relevant consumables;

 

-      Further investment made in New XRF - Delta Premium Geochem Analyser, including gold element analysis, to further accelerate field operations.

 

 

Cameron Parry, CEO of Metal Tiger plc commented "Recognising the substantial progress made in the field with our pre-summer exploration programme for Tungsten within Extremadura, we are delighted to confirm the recommencement of operations remains on schedule.  The Joint Venture's work post-summer will include drilling to identify further tungsten mineralisation, but also gold mineralisation in certain target areas.

 

Metal Tiger has now paid half of its expenditure commitment in respect of our Spanish Joint Venture agreement and is delighted with the results to date.  In order to expedite operations, earlier this year the Joint Venture acquired its own drill rig and it has proven to be a highly valuable investment.  We have added to our equipment with a new XRF which will further improve operational efficiency in the field.

 

Metal Tiger remains highly active during the traditional summer recess both advancing its existing projects and in due diligence work and general investigation of new opportunities.  We are keen to ensure all potential new opportunities are thoroughly assessed and appropriately commercial transactions agreed.  We expect to update the market in respect of a number of areas of our business in the very near term."

 

For further information on the Company, visit: www.metaltigerplc.com:

 

 

Metal Tiger Plc


Cameron Parry (CEO)

Tel: +44 (0)207 099 0738

Paul Johnson (Executive Director)

Tel: +44 (0)7766 465 617

Spark Advisory Partners Limited (Nominated Adviser)

Sean Wyndham-Quin

Neil Baldwin

Tel: +44 (0) 2033 683 555

 

SI Capital (Sole Broker)

Nick Emerson

Andy Thacker

Tel: +44 (0) 1483 413 500

 

Notes to Editors:

 

Metal Tiger Plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Equities and Direct Projects. 

 

The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants providing a potential non-debt financing instrument and enhanced return potential.

 

The Direct Projects division invests in operational mineral exploration projects with current investments in Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and Uranium.  The Direct Projects investment division also has working collaborations to identify new investment opportunities in Russia (platinum focus) and Turkey (gold focus), in association with experienced in-country partners.

 

Metal Tiger's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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