Caerus Mineral Resources PLC - mineral miner focused on Europe - Notes progress with option agreement with Jubilee Metals Group PLC, on Tuesday. Says agreement allows Jubilee to convert any of Caerus' waste to revenue candidate sites into a joint venture. Notes, number of candidate sites has increased to 20 from 14 since the option agreement was announced in May.
Both agree to immediate pilot sampling and investigation programme at the sites, managed by Caerus. Says the programme will to determine which projects are most suitable for development. Targets set by Caerus meet Jubilee's criteria. Initial investigation to be followed by mineralogical and metallurgical tests, followed by a site visit by Jubilee around mid-September.
Caerus Mineral says it: "Remains firmly committed to its twin-track policy of recovering value from waste at its brownfield sites through future joint ventures with Jubilee while seeking mining opportunities that will yield primary ore for profitable processing in a market urgently seeking copper for multiple global clean energy initiatives."
Caerus' current stock price: 26.38 pence, closed down 5.8% on Tuesday
Year-to-date change: up sharply from 13.00p on March 19
By Scarlett Butler; scarlettbutler@alliancenews.com
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Jubilee Metals (JLP)
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