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Power Metal Resources PLC - London-based exploration company, with projects in Africa, Australia and North America - Completes transaction to increase interest in Kalahari Key Minteral Exploration Pty Ltd. Following completion, Power Metal now holds 88% interest in Kalahari Key. Kalahari Key holds 100% interest in Molopo Farms Complex project, southwestern Botswana. Power Metal therefore holds 88% interest in Molopo Farms project as well.
Says 2,600 metre diamond drill programme at Molop Farms is "progressing well". At T1-14 drill hole, company is testing electromagnetic superconductor. Downhole geophysics now complete on DDH1-6B drill hole, geophysics interpretations results "expected shortly".
Chief Executive Officer Paul Johnson said: "Today's confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the company."
Current stock price: 1.70 pence each, up 19% on Friday in London
12-month change: down 1.7%
By Chris Dorrell; chrisdorrell@alliancenews.com
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