LONDON (Alliance News) - Rockfire Resources PLC on Monday said it has decided to relinquish its two Mount Visi exploration licences in Papua New Guinea following a review.
The gold-focused exploration company will retain the single Nakru licence in the country, for which it is awaiting ministerial approval for renewal.
Chief Executive Officer David Price said: "Over the years, considerable work has been done at Mount Visi, including 776 metres of diamond drilling in five holes."
"With best results being 71 metres at 0.04% Copper, the company considers the on-going costs of further exploration in difficult, rugged terrain to be well outside Rockfire's risk/reward profile at this stage of its growth."
Rockfire Resources shares were trading up 1.6% at 0.99 pence each on Monday around midday.
Rockfire Resources (ROCK)