Power Metal upbeat on progress at Australia joint venture

(Sharecast News) - Exploration and development company Power Metal Resources updated the market on its Australian gold joint venture Red Rock Australasia on Tuesday, with another seven of the venture's licence application now accepted.

The AIM-traded firm has a 49.9% interest in Red Rock Australasia, which has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields area of the state of Victoria.

It said Red Rock Australasia had been notified that a further seven of its licence applications had been accepted, and given the highest ranking, following the notification for the first three applications received in early July.

Red Rock Australasia would now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of Victoria would begin the application assessment process.

Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL were those now being advertised.

"Red Rock Australasia is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest," said Power Metal chief executive officer Paul Johnson.

"The greatest return on exploration spend is through effective preparation, and Red Rock Australasia has built a considerable data bank allowing increasingly refined exploration planning with a focus on utilising local team members to undertake exploration programmes."

At 1558 GMT, shares in Power Metal Resources were up 2.22% at 1.84p. Power Metal Resources PLC