Business
Extension of Cinovec Exploration Licence
Extension of Cinovec Exploration Licence.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 8652H European Metals Holdings Limited 05 August 2019 \n\nFor immediate release\n5 August 2019\nEUROPEAN METALS HOLDINGS LIMITED\nEXTENSION OF CINOVEC EXPLORATION LICENCE\nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce the granting of an extension to the Cinovec Exploration Licence (\"the licence\") that covers the two granted Preliminary Mining Permits (\"PMP's\").\n \nThe granted PMP's convey the sole and exclusive rights upon the Company to apply for a Final Mining Permit, however do not allow for further drilling. As the Company wishes to conduct further metallurgical and measured resource drilling, the extension to the exploration license that was due to expire in July 2019 was sought.\n \nThe licence has now been extended until 31 December 2020. \n \nThe Czech Ministry of the Environment stated in its extension decision the possibility of a further extension of the licence if necessary to complete all planned work. The Company does not envisage that a further extension will be necessary.\n \n(Please refer to the announcement on the European Metals website for the graphic of Figure 1: Map of Cinovec Licences - www.europeanmet.com) \nCzech Permitting\nAfter granting of the exploration licence, a company needs to undertake a summary geological and reserves calculation report that is submitted to the Ministry of Environment (\"MoE\") and if successful, results in granting of a Deposit Certificate. Approval from MoE and a Deposit Certificate issued entitles the Company to apply for a PMP. \n \nGeomet has already carried out a geological survey at all 3 deposit territories - the East, South and Northwest and successfully presented all final reports and reserves calculations to MoE. Deposit Certificates have been granted for all 3 deposits. \n \nThe Company currently holds PMP's for East and South deposits. A PMP application for the Northwest deposit area is currently in the permitting process. If the process is successfully completed, the 3 granted PMP's will cover the entire area of the Cínovec deposit. The Company holds an exclusive right to apply for this permit until the end of 2021.\n \n \nBACKGROUND INFORMATION ON CINOVEC\nPROJECT OVERVIEW\n \nCinovec Lithium/Tin Project \n \nEuropean Meta...