Kavango Resources PLC - Southern Africa-focused metals explorer - Agrees with sellers of Hillside project in Zimbabwe to extend the period for exercise of the option by 90 days. Parties entered original agreement on July 25 with an initial six-month term, with expiration on Wednesday.
Kavango meant to exercise option on Wednesday based on technical data gathered from exploration of Hillside, but has decided to wait so it and sellers can review the impact of recent changes to Zimbabwe's Finance Act, in particular the imposition of a mining 'Special Capital Gains Tax'. Continues Hillside exploration and drilling.
Current stock price: 0.67 pence, up 2.9% on Tuesday in London
12-month change: down 52%
By Emma Curzon, Alliance News reporter
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Kavango Resources (KAV)