TIDMALBA
RNS Number : 4441N
Alba Mineral Resources PLC
20 January 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
20 January 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
Operational Update
Alba Mineral Resources Plc (AIM: ALBA) provides the following
operational update.
Limerick Licence (PL 3824), Ireland
The Company's subsidiary, Aurum Mineral Resources Ltd ("Aurum"),
has surrendered its Limerick prospecting licence (PL 3824) to the
Department of the Environment, Climate and Communications ("DECC")
in Ireland.
As stated in the RNS of 23 August 2022, the Company had
identified exploration targets for follow-up drilling on its
licence. However, subsequently the necessary third-party consents
for the drilling of those targets were not forthcoming. Alternative
drill targets were then identified by the Company but were
considered not to be viable or practicable to pursue further.
The Company has therefore surrendered the licence as it is
required to do under the licence terms. There are no financial
consequences or penalties to the Company or Aurum arising from the
surrender, and the licence has already been fully impaired in the
Group's audited accounts.
While containing prospective targets, the Limerick licence has
not been a key focus for the Company and therefore the surrender
has no material impact on the Company's business or strategic
outlook. In fact, the surrender frees up both expenditure and
manpower for Alba's principal assets, namely its 100% owned Welsh
gold projects, supporting the long-term growth of its investee
company GreenRoc Mining Plc, and other potential growth
opportunities for the Company.
Clogau-St David's Gold Mine, Wales
On 31 October 2022, the Company reported that it had submitted
to the regulator, Natural Resources Wales ("NRW"), an updated
version of its "Report to Inform a Habitat Regulations Assessment
("HRA")", together with renewed applications for a water discharge
permit and a European Protected Species licence in respect of the
proposed dewatering exercise and subsequent safety and exploratory
works at the Company's primary target within the Lower Llechfraith
workings of the Clogau-St David's Gold Mine.
NRW's most recent advice is that the Company's applications
remain in process and that the Company will be updated on the
progress of its applications in due course. NRW has also advised
that its standard turnaround times do not apply to the Company's
applications due to the volume of information, the complexity of
the applications and the requirement for an HRA.
Further material updates will be provided as and when they
become available.
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
OvalX (Broker)
Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley alba@stbridespartners.co.uk
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
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 50.6%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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END
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