copied from minesite16 Mar 2009 11:33
Dwyka Resources (AIM: DWY) gained 34.5 per cent to close the week at 3.9p after it announced that BHP Billiton had pulled out of its Muremera nickel project in Burundi. The logic behind the positive move in the stock is that BHP has already invested some US$7.3 million in the project, which entitled it to a 10 per cent interest, though it will not be taking this up. As a result, the project, together with the associated exploration infrastructure, is once again 100 per cent owned by Dwyka. Dwyka is currently sat on a considerable cash balance and so intends to move forward with a full exploration programme commencing in May. No doubt they will be receiving a number of very friendly phone calls from drilling companies in the next few days, which should see a keen price set for their services.