LONDON (Alliance News) - Shares in Panthera Resources PLC rose Friday as it reported positive developments from an investee, including a "significant" acquisition.
Panthera shares were trading at 9.92 pence each Friday, up 24%.
Panthera has a 17% stake in Anglo Saxony Mining, a European explorer and developer with a flagship tin project in Tellerhauser, Germany.
ASM's purchase is the Gottesberg tin deposit, 28 kilometres to the west of Tellerhauser, paid with both cash and shares.
Gottesberg has a total resource of 42.1 million tonnes of ore at a grade of 0.27% tin, suggesting 113,000 tonnes of the commodity.
Combining Gottesberg and Tellerhauser's resources, ASM now has a resource of 217,000 ounces of tin, which Panthera said is among the largest in the world.
ASM has also received the third tranche of a convertible loan note worth GBP1.0 million from Baker Steel Resources Trust, which will be used to complete a feasibility study for Tellerhauser.
The investment was dependent on positive results from test work on ASM's samples, and these results were "better than the ASM technical team anticipated".
Panthera Res. (PAT)