North River Resources PLC (LON:NRRP) is to critically assess how it will progress its Namib lead- zinc project in Namibia, it told investors in half year results.
The junior is now debt free and has US$2.5 million in working cap following a US$5.6mln financing and capital reorganisation.
In April, North River submitted an amended licence application for Namib to address Namibian government concerns .
That application is still being considered and there is no indication from the Ministry of Mines when or if a licence will be granted.
There is also a proposed empowerment bill, which may also affect the project, though the extent is unclear.
Meanwhile, a 3,800 metre drill programme continued to progress in the first half, with a number showing significant mineralisation.
Overall though, the firm said results were mixed, with drill holes not intersecting mineralization to the extent anticipated.
Since the end of June, the programme has completed and next steps will be laid out following completion and assessment of final assays.
The loss before tax for the six months was around £1.3mln (30 June 2015: loss of £1.37mln).