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LONDON (Alliance News) - Shares in Panthera Resources PLC rose Friday as it reported positive developments from an investee, including a "significant" acquisition.
Panthera shares were trading at 9.92 pence each Friday, up 24%.
Panthera has a 17% stake in Anglo Saxony Mining, a European explorer and developer with a flagship tin project in Tellerhauser, Germany.
ASM's purchase is the Gottesberg tin deposit, 28 kilometres to the west of Tellerhauser, paid with both cash and shares.
Gottesberg has a total resource of 42.1 million tonnes of ore at a grade of 0.27% tin, suggesting 113,000 tonnes of the commodity.
Combining Gottesberg and Tellerhauser's resources, ASM now has a resource of 217,000 ounces of tin, which Panthera said is among the largest in the world.
ASM has also received the third tranche of a convertible loan note worth GBP1.0 million from Baker Steel Resources Trust, which will be used to complete a feasibility study for Tellerhauser.
The investment was dependent on positive results from test work on ASM's samples, and these results were "better than the ASM technical team anticipated".
