LONDON (Alliance News) - Gunsynd PLC said Monday that a subsidiary of its investee Sunshine Minerals has been awarded a prospecting licence over the Jejevo tenement in the Solomon Islands.
Sunshine Nickel Ltd secured the licence by the Mines & Minerals Board of the Solomon Islands.
Gunsynd has a 10% investment in Sunshine and a convertible loan note which would take the stake to 20% of Sunshine's issued share capital.
"We are extremely pleased with this news. We look forward to working closely with Sunshine to progressing towards a mining licence as soon as possible. The great advantage of this nickel deposit is the previous work done which should expedite the process," Gunsynd Chief Executive Officer Hamish Harris said.
Gunsynd shares were trading up 10% at 0.04 pence each.
Gunsynd (GUN)