Mineral & Financial Investments Ltd - Cayman Islands-based investment company focused on natural resources sector - Says it and its joint venture partner Ascendant Resources Inc have agreed to extend the final delivery date of the feasibility study, which forms part of earn-in option agreement for the Lagoa Salgada project in Portugal. Material & Financial holds a 50% interest in this project through its position in Redcorp-Empreendimentos Mineiros Lda. Mineral & Financial Investments says the final delivery date for the feasibility study will be on or before August 3.
Ascendant Resources Inc is a Toronto, Canada-based mining company focused on the exploration of the Lagoa Salgada project. Ascendant holds the other 50% interest in the Lagoa Salgada project, and has an earn-in opportunity to increase its interest in the project to 80% through the completion of the feasibility study by an agreed deadline.
The company previously announced positive metallurgical test results for the Venda Nova project in Lagoa Salgada, confirming saleable concentrate with commercial recoveries and precious metal credits.
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By Will Neill, Alliance News reporter
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Mineral & Fin (MAFL)