LONDON (Alliance News) - Shares in Red Leopard Holdings PLC fell on Friday morning after the company reported further problems at the Idora Mine in the US state of Idaho.
In August, the company said it had successfully removed rock falls and debris at the entrance of the mine and installed a metal culvert to ensure safe exploration access.
But Red Leopard on Friday said rock falls have been discovered further inside the tunnel, hindering access to the ore body and therefore preventing any sampling activity.
Owing to the onset of winter, the company said it will not be restarting the clearance of the tunnel until the spring and said, owing to the health and safety complexities, it is likely the additional costs will mean the total expense of the work will be higher than anticipated.
Shares in the company dropped 17% to 0.25 pence on the news, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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