Response from email...18 May 2018 18:27
Alba responded to an email I sent yesterday regarding the two recent placings. I think this is shaping up to be an exciting summer.
"We are currently busy finalising our field planning for the 2018 season across all our mining projects. In terms of our plans, we would refer you to some of our recent announcements, including:
- our RNS Mining Update of 2 May, which gave details of target identification work we have carried out on a number of our key mining projects
- Further details of our various programmes of work are also set out in our most recent corporate presentation which was released via RNS Reach on 27 February (a copy of which presentation can be found on our website).
- At Thule, as we say in our presentation (p18), we are targeting a Mineral Resource Estimate of significant scale, and to do that we will be undertaking an extensive sampling programme across our entire licence area, building on the short programme we were able to undertake last year once we were awarded the licence at the tail end of the 2017 field season.
- our previous RNSs regarding Horse Hill (most recently our update of 23 March) in which we give details of the planned 150 day extended well test programme.
As you can imagine, these field programmes across our mining projects, along with the extended well testing programme at Horse Hill, require significant contractual commitments from Alba and its partners. Without the necessary funding to meet those commitments, we will not be in a position to progress our mining assets to the next stage of development and to add real value to them, and we will not be able to maintain our stakes in our oil & gas investments. The principal way in which we raise money, in common with other junior resource companies, is by way of equity placements. We do however also keep under regular review the possibility of joint ventures, farm-outs or divestments of non-core assets, and so we do not rule those out as potential alternative funding sources in future.
Unfortunately we are constrained by applicable laws and regulations from making selective disclosure of material information. Therefore we cannot respond with further details of our plans at this stage but we hope to address this further in RNS announcements to be issued in the coming weeks and months in relation to a number of our projects. We are also planning a shareholder event in the near future and will circulate details of that nearer the time"
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