African Pioneer PLC - Namibia-focused exploration and development company - Says the Ongombo prospecting licence has been extended for another two years and is currently awaiting an expiry date.
It is also in "advanced discussions with multiple parties" regarding funding for Ongombo. African Pioneer also updates mineral estimates for Ongombo to 5.7 metric at 1.1% copper equivalent.
Chair Colin Bird says: "We have made good progress on the Ongombo project with very significant increases to the previous 'indicated' and 'inferred' mineral resources and the potential for a 'starter' mine using low-cost open-pit methods. We plan to combine XTR with laser dry sorting technology to separate ore from waste and generate a high-grade concentrate for transport to an in-country processing plant for final separation before metal recovery. We are now sequencing the primary development infrastructure and the process flowsheet. As we advance towards the completion of the ESIA we expect to soon be in a position to move towards project implementation and the completion of development financing."
Current stock price: 1.79 pence, down 8.5%
12-month change: down 43%
By Sabrina Penty, Alliance News reporter
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