Business
Acquisition of Interest in Gold Mines of Wales
Acquisition of Interest in Gold Mines of Wales.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2182Y Alba Mineral Resources PLC 04 December 2017 \n\nClick on or paste the following link into your website browser to view the associated PDF document (which includes maps and images): \nhttp://www.rns-pdf.londonstockexchange.com/rns/2182Y_1-2017-12-3.pdf\n\n \nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\n \nAlba Acquires 49% of Clogau Gold Mine in Wales\n \nAlba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has acquired a 49 per cent interest in Gold Mines of Wales Limited (\"GMOW\"), the ultimate owner of the Clogau Gold Project situated within the Dolgellau Gold Belt in Wales, United Kingdom (the \"Project\"). The Project comprises the Clogau Gold Mine and includes a large number of highly prospective gold targets and former gold workings within a total option area of 106.94 km².\n \nHIGHLIGHTS\n· Alba acquires 49% of the Clogau Gold Project in Wales for 83,333,333 Alba shares (valuing the total consideration at approximately £316,667 based on the Company's closing share price on 1 December 2017)\n \n· The Dolgellau Gold Belt has produced about 131,000 oz of gold, by far the most of any region within the United Kingdom. Most of this gold (81,000 oz) has been exploited from the historic Clogau-St David's mine that lies within the Project area (\"Clogau Gold Mine\").\n \n· Alba's review of the Project concludes that there is a high potential to find unworked veins containing gold mineralisation of similar grade to that known in historic mines in the area. \n \n· Alba will use its expertise as an operator of mining projects to assist GMOW to fast-track development of the Project.\n \n· The focus will be on bringing the Clogau Gold Mine back into production and also making a push into the regional exploration of the wider Project area.\n \n· The Clogau Gold Project is highly complementary to Alba's suite of assets, and bolsters Alba's focus on the UK onshore natural resources sector (Horse Hill, Brockham).\n \n· Welsh Gold bullion is potentially worth between three and five times the spot gold price, which further enhances the attract...