LONDON (Alliance News) - Natural resource investment company Metal Tiger PLC said on Tuesday it has now completed its 50% earn of the Logrosan project, and is awaiting the results from due diligence drilling at the Maria project to see if it will extend its joint venture agreement with Mineral Exploration Network (Finland) Ltd.
Metal Tiger is currently working with its partner Mineral Exploration, through the pair's joint venture company, Logrosan Minerals Ltd, the holding company for the Logrosan project.
The completion of Metal Tiger's EUR300,000 investment into the Logrosan project means Metal Tiger has earned into a 50% holdings in Logrosan Minerals.
Metal Tiger said it is currently reviewing the best route to increase value from the Logrosan project, along with Mineral Exploration.
Metal Tiger added it has also completed due diligence drilling at the Maria exploration project which is wholly-owned by Mineral Exploration, and is awaiting the results.
If they are attractive, Metal Tiger said, it may look to expand its joint venture agreement with Mineral Exploration to include Maria, and has extended its standstill agreement until March 31 to allow time for receipt and a review of the data.
"The progress achieved to date in Spain is highly encouraging and we are looking to build further on our success to date. We are reviewing a range of additional attractive Spanish opportunities that we may look to bring within the Metal Tiger Spanish portfolio. We see an opportunity to build a diversified Spanish investment group that could justify its own listing, in due course," said Chief Executive Paul Johnson.
"Further updates will be provided in due course in respect of Spain, and also in respect of Botswana and Thailand where significant progress is being made by the joint ventures active in both countries," Johnson added.
Shares in Metal Tiger closed up 6.6% at 2.51 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.