(Alliance News) - Kodal Minerals PLC on Tuesday said it has withdrawn the final advance from its USD1.5 million loan agreement, allowing the company to continue with its programme at the Bougouni lithium project in southern Mali.
The mineral exploration and development company focused on Mali said it has drawn the final USD750,000 from its USD1.5 million convertible loan agreement with Riverfort Global Opportunities PCC and YA II PN Ltd.
The completion of the loan agreement allows Kodal to continue its exploration and development programmes for the Bougouni lithium project, including the planning of further engineering design and metallurgical testwork to optimise process plant design, Chief Executive Bernard Aylward said.
Kodal additionally said that its application for a mining licence in Mali is progressing following the appointment of the transitional government and confirmation of the new Minister for Mines, Energy and Water. The company said updates will be provided as information is received.
Kodal said it as defined a new gold anomalous zone at its Dabakala exploration project in Cote d'Ivoire. This is a new area and requires infill sampling to define the zone for future reconnaissance drilling, the company said.
For the Nangalasso gold exploration project in Mali, Kodal will undertake field mapping, reconnaissance and additional rock chip sampling to prioritise the gold anomalous zones discovered previously. The company will then rank the targets for the next stage of drilling.
Kodal Minerals shares were down 1.4% at 0.072 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kodal Minerals (KOD)