Alba Mineral Resources PLC Clogau Gold Mine Update (6979X)
22 December 2023 - 6:00PM
UK Regulatory
TIDMALBA
RNS Number : 6979X
Alba Mineral Resources PLC
22 December 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
22 December 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
Clogau Gold Mine Update
Revised Dewatering Permits Granted
Alba Mineral Resources Plc (AIM: ALBA) is very pleased to
announce that Natural Resources Wales ("NRW") has granted the
Company's applications for formal variations to its existing
discharge and abstraction permits to enable it to dewater the Lower
Llechfraith workings, its principal gold target at the Company's
100% owned Clogau-St David's Gold Mine in north Wales ("Clogau" or
the "Mine"), at significantly higher rates.
As a result, the Company expects to be able to proceed to a
successful completion of the dewatering exercise at the Lower
Llechfraith workings in the first two weeks of January.
Key Points
-- Revised discharge and abstraction permits have been granted
to Alba, allowing the Company to dewater the Lower Llechfraith
workings at a rate of up to 250 cubic metres per day, a significant
increase to the previous maximum of up to 100 cubic metres per
day.
-- Safety and access works on Level 3 and towards Level 4 have
now been substantially completed.
-- Higher-rate dewatering will commence from early January, with
completion of the dewatering exercise targeted for mid-January.
-- Once Level 4 has been fully dewatered, Alba and its
contractors will access Level 4 to carry out a risk assessment,
plan and execute any further safety works required and carry out
initial exploration surveys.
-- In respect of the airborne geophysical survey being
undertaken over Alba's key regional gold targets, Alba's
contractors have advised that due to the weather conditions it has
not been possible to date to survey the Hafod Owen, Gwynfynydd and
Castle Carndochan target areas and that this will now be deferred
to January, weather permitting.
George Frangeskides, Executive Chairman, commented:
"We are delighted to have now received the revised permits which
will allow us to complete the dewatering of the Lower Llechfraith
workings. I would like to acknowledge the cooperation of the NRW
permitting teams in helping us to achieve this outcome before the
year's end.
"We look forward to completing the dewatering as soon as
possible in January and then finally setting foot on Level 4, the
first time this key gold target will have been accessible to anyone
for decades."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
**ENDS**
For further information, please visit www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
------------------
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen +44 20 3003 8632
------------------
Alba's Projects & Investments
Projects Operated by Alba Location Ownership
------------ -----------
Clogau (gold) Wales 100%
------------ -----------
Dolgellau Gold Exploration (gold) Wales 100%
------------ -----------
Gwynfynydd (gold) Wales 100%
------------ -----------
Investments Held by Alba Location Ownership
------------ -----------
GreenRoc Mining Plc (mining) Greenland 37.49%
------------ -----------
Horse Hill (oil) England 11.765%
------------ -----------
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END
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