LONDON (Alliance News) - MOD Resources Ltd said Tuesday 2018 was a "transformational year" for the company, especially the fourth quarter as it took "significant steps" towards becoming a copper developer.
MOD Resources purchased the remaining 30% of the T3 copper project in the Kalahari copper belt, Botswana from Metal Tiger PLC in November - in exchange for shares, resulting in Metal Tiger holding a 13% stake in MOD.
MOD made "substantial progress" on the T3 copper project feasibility study, including submission of the draft environmental & social impact assessment to the Botswana Department of Environmental Affairs.
"2018 was a transformational year for the company," said Managing Director Julian Hanna. "More specifically during the fourth quarter MOD took significant steps towards achieving its goal of becoming a copper developer within a highly prospective, emerging copper district. An important part of this process was completion of the acquisition of the remaining 30% of the T3 copper project as well as the extension of 18 key exploration licences for an additional two years.
"These accomplishments provide MOD with funding flexibility and security of tenure while demonstrating commitment to both the project and to the Ghanzi district."
Metal Tiger Chief Executive Officer Michael McNeilly said: "The period saw significant advancements the exploration work, undertaken by both MOD and the joint venture, continuing to deliver encouraging drilling results that demonstrate the potential of area.
"The highly anticipated T3 copper project feasibility study is expected to be completed by the end of the first quarter 2019. At the corporate level, Metal Tiger completed an important and value adding transaction resulting in Metal Tiger becoming MOD's largest shareholder whilst positioning the company to continue to benefit from, not only T3's development, but the underexplored, district scale potential of the Kalahari Copper Belt through the joint venture."
Shares in Metal Tiger closed down 3.1% Tuesday at 1.41 pence each. MOD was untraded but last closed at 19.00p.