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(Alliance News) - ECR Minerals PLC on Friday said it has terminated its option to buy the Hurricane project.
The Australia-focused mineral exploration and development company said it no longer plans to buy Placer Gold Pty Ltd. It was granted the option to buy the project in October 2022.
ECR said that although preliminary results from its due diligence "show promise", the potential value to ECR of the Hurricane project "cannot be justified against the previously agreed acquisition terms."
ECR Managing Director Nick Tulloch commented: "The Hurricane project has been a feature of ECR's strategy for almost a year now and terminating the option to acquire it was not a decision that we took lightly. It is evident that that Hurricane has some excellent prospects but the combination with ECR is not right at this time."
By Sophie Rose, Alliance News reporter
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