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(Alliance News) - Recently-floated Adriatic Metals PLC on Tuesday reported a productive fourth quarter, which saw it begin trading in London and complete a scoping study at its polymetallic Vares project in Bosnia & Herzegovina.
A study of the Rupice and Veovaca areas found a net present value, with an 8% discount, of USD917 million.
Adriatic Managing Director Paul Cronic said this "firmly establishes the Vares project as a world class asset".
He continued: "The quarter has seen our deepest high-grade intercept to date at Rupice which clearly demonstrates that the high-grade mineralisation continues outside our current Mineral Resource and south towards our Jurasevac-Brestic prospect a further 500 metres to the southeast.
"Several important corporate objectives were also achieved including successful completion of a AUD25 million (about GBP13.0 million) institutional placement and listing on the London Stock Exchange's Main Market."
Adriatic shares closed 2.6% lower at 95.00 pence each in London on Tuesday.
By Eric Cunha; ericcunha@alliancenews.com
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