Erris Resources PLC Erris Resources Activities and Covid-19 Update (6049H)
26 March 2020 - 2:13AM
UK Regulatory
TIDMERIS
RNS Number : 6049H
Erris Resources PLC
25 March 2020
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector:
Mining
25 March 2020
Erris Resources plc
("Erris Resources" or the "Company")
Erris Resources Activities and Covid-19 Update
Erris Resources, the European focused mineral exploration
company with a portfolio of projects provides an update on its
activities following the outbreak of Covid-19.
Scotland
Prospecting and mapping on the Company's Loch Tay Gold Project
in Scotland which was underway has ceased in line with recent
restrictions introduced by the UK government to combat the outbreak
of Covid-19. The Company's priority is the health and well-being of
its staff, stakeholders and its local communities and it has taken
all appropriate measures to protect them in accordance with the
relevant governmental and regional requirements. A batch of 121
rock samples collected over the past two months was transported to
Ireland by a Company geologist and was submitted to ALS
laboratories on 25(th) March. However, there is no guarantee that
the sample results will be returned in a timely manner should
further restrictions be introduced in Ireland. The Company will
provide a further update on the Loch Tay project once sample
results are received and newly collected data is reviewed.
Scandinavia
There is no immediate impact on the planned work in Norway or
Sweden as the field season does not commence until June when snow
has melted. Should the outbreak last into the summer months, then
early stage fieldwork may be delayed. The Company has decided not
to retain the reservation permits in Finland nor convert them to
exploration permits and has taken actions to close down the Finnish
subsidiary and surrender the reservation permits. The work in
Finland was fully funded by Centerra Gold as part of the strategic
alliance which was terminated on 1 December 2019.
Ireland
The Company has not planned any work on its Abbeytown
Zn-Pb-Ag-Cu project in Ireland in the coming field season and
therefore there is no immediate impact caused by the Covid-19
outbreak. The prospecting licences were renewed for a further six
years in 2019 and are in good standing until August 2021 with
further work targeted for early 2021.
Outlook
At the end of February 2020, the Company held approximately
EUR1.3 million in cash and maintains a disciplined approach to
expenditure on its 100%-owned projects. The Board and Management
continue to review projects in low risk jurisdictions
internationally that fit its investment criteria in order to
identify new valuable assets for the Company. Any travel to review
such opportunities as part of the due diligence process is
curtailed until travel restrictions are lifted. In the interim, the
Company will seek to reduce costs until such time as activities can
be recommenced in full. In addition, the Company will continue to
seek consulting opportunities and partners for other projects in
its portfolio however this may be more difficult during the
Covid-19 outbreak.
Erris Resources wishes all its shareholders and stakeholders the
best of health during the current outbreak. We look forward to
restarting fieldwork as soon it is safe to do so.
*ENDS*
For further information visit www.errisresources.com or
contact:
David Hall/Aiden Lavelle Erris Resources plc +353 (0) 94 902 8481
Allenby Capital (Nominated
David Hart/Liz Kirchner Adviser) +44 (0) 20 3328 5656
------------------------------- ---------------------
Shard Capital (Joint
Erik Woolgar Broker) +44 (0) 20 7186 9952
------------------------------- ---------------------
Zoe Alexander/Andy Turner Pope Investments
Thacker (TPI) Ltd (Joint Broker) +44 (0) 20 3657 0050
------------------------------- ---------------------
Isabel de Salis/Beth St Brides Partners (Financial
Melluish PR) +44 (0) 20 7236 1177
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Notes
Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European
focused, discovery driven consulting and exploration company,
supported by the Canadian mining major, Osisko Gold Royalties,
which has a 18.9% interest in the Company. The Company has a
portfolio of gold projects in Scotland, Sweden and Norway and zinc
and base metals assets in Ireland, which it is looking to further
build on. Led by a highly qualified team with extensive corporate
and sector experience, Erris's strategy is to create shareholder
value through commercial discovery of base or precious metal assets
in proven mineral districts and in favourable European
jurisdictions.
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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