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Corcel PLC - London-based mining and mineral resource development company - Says its wholly owned subsidiary Niugini Nickel Pty Ltd has submitted an application over currently vacant ground in Papua New Guinea totalling 136 graticular sub-blocks or around 464 square kilometres. Says this area covers the Star Mountains project, a gold and copper exploration project. It believes that a number of other applications have been made for the area.
"Whilst no certainty exists that the company will be successful in its application, the board believes that the acquisition of the Star Mountains tenements would capitalize on its existing PNG experience and expertise, and provide a further broadening of the company's mineral exploration portfolio," it adds.
Current stock price: 0.33 pence, down 7.1% in London on Friday
12-month change: down 78%
By Sophie Rose; sophierose@alliancenews.com
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