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(Alliance News) - Adriatic Metals PLC on Wednesday said it has amended a concession agreement with a regional government of Bosnia & Herzegovina, confirming rights to gold, silver and copper mineralisation at Veovaca and Rupice projects.
The precious and base metals explorer has amended its concession agreement with the Ministry of Economy for Zenica-Doboj canton. The Veovaca mine and Rupice brownfield exploration are part of Adriactic's Vares project.
Paul Cronin, Adriatic's managing director & chief executive, said: "The amendments to the concession agreement negotiated by our team in Bosnia remove all potential doubt regarding mineral rights and royalty payments on precious metals and better aligns the permitting process in both levels of government, demonstrating a clear determination by Zenica-Doboj Canton to advance the Vares project to production".
The concession agreement initially only gave company rights to lead, zinc and barite. However, Adriatic identified significant resources of precious metals at both Veovaca and Rupice and the new amended agreement removes ambiguity regarding mineral rights of the company.
The amended agreement also removes the requirement for the company to start exploitation by May.
Adriatic Metals shares in London were down 3.9% at 90 pence each on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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