Business
Trading Statement
Trading Statement.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n RNS Number : 6430V Alba Mineral Resources PLC 04 November 2010 \n \n\n \n \n4 November 2010 \n \n \n \n \nAlba Mineral Resources plc\n(\"Alba\" or \"the Company\")\n \nTrading Update\nMauritania\n \nMauritania Ventures Limited (\"MVL\"), Alba's 50% owned subsidiary, previously relinquished all permits it held in the country, except for one, as a result of previous fieldwork failing to deliniate uranium mineralisation that merited further exploration. We continued to hold our interest in Permit 422 and on 30 April 2010 MVL paid the annual permit renewal fee to the authorities. However, on 3 November 2010 the Company was notified that the Mining Authorities in Mauritania had withdrawn the licence, citing a lack of additional exploration activity, even though the Company believed it had until 30 April 2011 to complete such activity. \n \nMVL are considering challenging and/or appealing this decision. In the meantime the Company are in discussions with a third party concerning our position and involvement regarding Permit 422 and also in Mauritania generally going forward.\n \nScotland \n \nThe maintenance of the Arthrath Ni-Cu-PGE project in Aberdeenshire remains a key component of the Company' strategy for the balance of 2010 and 2011. The project area is held under private mineral right agreements with local landowners, who in 2009 agreed a moratorium on the payment of licence fees until the Company was able to raise additional funds. We still believe this project has significant potential as a sulphide Nickel target and we continue to seek joint venture partners to realise the potential of this poorly explored magmatic Ni-Cu-PGE exploration target.\n \nIreland\n \nThe Company owns two projects in the Republic of Ireland through its wholly owned Irish subsidiary Aurum Mineral Resources Ltd. (AMR).\n \nBohuan\nThe Company continues to hold two licences in the Bohaun Block in County Galway. Stream sediment sampling completed in early 2007 identified anomalous gold in the area with concentrations of up to 113 ppb gold. Follow-up prospecting in the area identified multiple auriferous float occurrences and importantly located a one-metre wide mineralized sulphide (galena, pyrite and minor chalcopyrite) vein in bedrock. A channe...