Haneti Polymetallic Project – Commercial Update, Katoro Gold PLC, 2020-05-15






RNS Number : 0911N
Katoro Gold PLC
15 May 2020
 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

(“Katoro” or “the Company”)

 

 

15 May 2020

 

Katoro Gold plc (‘Katoro’ or the ‘Company’)

 

HANETI POLYMETALLIC PROJECT – COMMERCIAL UPDATE

 

Katoro Gold plc (AIM:   KAT), the AIM listed gold and nickel exploration and development company, is pleased to announce an update regarding commercial developments in respect of the Haneti polymetallic project (the ‘Project’).

 

BACKGROUND:

 

On 15 March 2019 Katoro announced an Investment and Option Agreement whereby current joint venture partner Power Metal Resources plc (LON:POW) (formerly African Battery Metals plc) could acquire up to a 35% interest in the Project.  This announcement may be viewed through the following link:

 

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/xq46v7w

 

After due diligence POW duly acquired a 25% interest in the Project on 15 May 2019 and held an option to acquire a further 10% through a payment to Katoro of £25,000 by 15 May 2020.

 

In recent months Katoro has received approaches with a view to earn-in, joint venture or similar, in respect of the Project, with a primary focus on the nickel sulphide potential.  Reflecting this, Katoro and POW have agreed an extension to the above 15 May 2020 deadline to 31 May 2020, to allow time to finalise restructuring discussions in respect of Haneti Project ownership.

 

Louis Coetzee, Executive Chairman of Katoro, said: 

 

“Katoro have been pleased with the level of interest shown by third parties in Haneti, and with our joint venture partners we are looking to structure the ownership of the Project in a manner that maximises the potential for positive commercial developments.

 

“This is complex work and POW and Katoro have agreed to a short extension to enable us to complete this, with a view to making a fuller announcement to the market in the near term.”

 

 

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

 

**ENDS**

 

For further information please visit www.katorogold.com or contact:

 

Louis Coetzee

 

louisc@katorogold.com

Katoro Gold plc

Executive Chairman

Bhavesh Patel

Andrew Thomson

+44 (0) 20 3440 6800

RFC Ambrian Limited

Nominated Adviser

Nick Emmerson

Sam Lomanto

 

+44 (0) 1483 413 500

 

SI Capital Ltd

 

Broker

 

Isabel de Salis

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 

 

 

 

 

 

 

 

 

 

 

 

 

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END

 
 

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