(Alliance News) - Beowulf Mining PLC said on Wednesday it has invested a further GBP100,000 in Vardar Minerals Ltd, a UK registered exploration company with a focus on the Balkans.
The miner said the investment increased company's ownership of Vardar to 41.5% from 40.1%.
The funds will enable Vardar to conclude its 2019 exploration programme and ready itself for starting DC-IP geophysical surveys in 2020, Beowulf said.
Kurt Budge, chief executive officer, said: "Vardar represents a significant opportunity for the company to continue to invest in exploration."
"It's pleasantly refreshing to work in Kosovo, where, on the past year's evidence, Vardar has been able to make tremendous progress, get things done, and deliver real exploration success," Budge said.
Beowulf acquired a 14% stake in Vardar Minerals, which is developing the Viti gold and base metals licence in Kosovo, for GBP250,000 in November 2018. Then, in April 2019, exercised an option to raise its stake in Vardar to 38% for GBP750,000. In October Beowulf invested a further GBP115,000 to lift its stake to 40%.
Beowulf Mining shares were up 3.2% in London at 6.45 pence each on Wednesday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Beowulf (BEM)