Maghreb Minerals has warned that it could take some significant time to make further progress on developing its flagship Bou Jabeur - Gite Est project in Tunisia as it continues to look for an industry partner to help it develop the asset.
Reporting on the year to June 2009, Maghreb’s chairman, Richard Linnell, said economic conditions had forced the company to cut back its exploration plans and had made it harder to find partners to join it in Tunisia.
However, he said that a decision to focus more on its fluorspar assets and increase its exposure to the sector had seen active involvement by the company’s shareholders in seeking out producing assets around the world.
Maghreb completed a scoping study at the lead/zinc Bou Jabeur - Gite Est project during the year and did enough work to hang on to its Tunisian licences. It also qualified, and applied, for its right to a 90% cent earn-in on the Fej Lahdoum project, where exploration work is underway.
The company ended the period with approximately £237,000 in cash, down from £1.2 million in 2008, but said it was confident that further investment could be attracted to the company to pursue its expansion into the fluorspar sector internationally. Equally, discussions are in progress to introduce partners into the lead/zinc portfolio.
Source: SmallCapNews
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