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Power Metal Resources PLC - metal exploration and development company - Says an agreement has been reached for the acquisition of a 75% interest in a UK special acquisition vehicle which is to acquire outright First Development Resources Ltd. First Development Resources is an Australian private company with a portfolio of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia.
Power Metal says the acquisition will not be undertaken until the Ripon Hills Project has been successfully transferred into First Development Resources Australia and a granted exploration licence has been received by First Development Resources Australia in respect of the Wallal Project.
Power Metal plans to list this new strategic Australian copper-gold exploration vehicle on the London capital markets "at the earliest opportunity".
Chief Executive Paul Johnson said: "The acquisition announced today provides Power Metal with a strategic interest in exploration properties in the Paterson Province, Western Australia. This region has seen considerable interest in recent years following the Havieron discovery by Greatland Gold PLC and Winu discovery by Rio Tinto.
"There is a clear opportunity in the Paterson Province, something we intend to pursue with considerable vigour and as you will see below, we are aligning Power Metal with an experienced Australian team to support the business in the run-up to the listing of the special acquisition vehicle."
Current stock price: 2.54 pence, up 11% on Wednesday
Year-to-date change: down 7.5%
By Will Paige; willpaige@alliancenews.com
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