Tethyan Resources PLC Exit from Chadine project (9127L)
06 October 2016 - 11:16PM
UK Regulatory
TIDMTETH
RNS Number : 9127L
Tethyan Resources PLC
06 October 2016
6 September 2016
TETHYAN RESOURCES PLC ANNOUNCES IT IS EXITING FROM THE CADINJE
(CHADINE) POLYMETALIC PROJECT IN SERBIA
Tethyan Resources PLC, ("TETH" or the "Company"), announces that
it has decided to pull out of the joint venture with Balkan
Minerals Corporations d.o.o. in relation to the Cadinje
polymetallic project located in Serbia. The Company incurs no
penalties in regard to this decision and will have no further
liabilities over the project. Recent drilling results did not
improve on historical assays from the area and gold assays were
low. In addition, the geological interpretation of the project has
changed with the recognition of two thrust faults which cut the
mineralisation off at depth. Based on current knowledge the
Company's technical personnel are of the opinion that the potential
to increase the known size of the mineralised resource is
limited.
Peter Mullens, CEO of Tethyan Resources, commented, "Tethyan is
committed to exploring for gold and base metals within the Balkans
and we plan to focus our resources on projects which can deliver
the highest return to shareholders".
ABOUT TETHYAN RESOURCES
Tethyan Resources PLC is an AIM listed junior exploration
company exploring for copper and gold within the Tethyan Mineral
Belt. Tethyan has an experienced board and technical team with
previous success in junor exploration companies and the involvement
in a number of discoveries around the world, headed up by Peter
Mullens BSC Geology. Currently they hold an option of The Suva Ruda
Porphyry Copper Gold project located in southern Serbia where they
will commence drilling shortly. In addition Tethyan is looking to
expand their portfolio of projects within Eastern Europe,
specifically Serbia and Bulgaria.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Tethyan Resources Plc +44 (0)1534 881 885
Peter Mullens (CEO) pjm@tethyan-resources.com
finnCap Limited - Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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