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Metal Tiger firmly in MOD's corner as it lifts stake

Published: 12:21 08 Feb 2017 GMT

Copper asset
Metal Tiger fully supports MOD's plans for the Kalahari copper belt project

Metal Tiger PLC (LON:MTR) said it is on the same page as MOD Resources Ltd (ASX:MOD) after upping its stake a little in the Aussie firm.

The resources sector investor has converted 29.17mln warrants into an equivalent number of MOD shares at one cent a pop, at a total cost of £178,937 (A$291,667).

The exercise lifts Metal Tiger’s stake to 5.01% of MOD, its 30/70 joint venture (JV) partner in the Kalahari copper belt.

Perhaps more importantly, Metal Tiger’s Michael McNeilly recently popped over to Perth in Australia for a pow-wow with MOD’s top brass.

“I met with the board of MOD to discuss the joint venture and strategy going forward for MOD, both with regard to the joint venture as well as MODs non-JV licences. Following these meetings I believe that there is a clear understanding of how MOD wishes to progress matters,” McNeilly said.

“It is clear that MOD wish to progress the T3 project to production whilst expanding exploration within the JV as well as in areas outside of the JV to hopefully demonstrate the tremendous potential of the region. Metal Tiger is fully supportive and on board with their strategy and believes that this exercise of our warrants demonstrates the company’s intentions,” he added.

Meanwhile, Alastair Middleton, technical director of Metal Tiger has recently concluded a site visit to the JV area and other MOD licences and is currently in Cape Town for Indaba and the 121 Mining Investment conference.

“It is clear from his reports and meetings that there is significant interest in the exploration potential of the region,” Metal Tiger said.

 

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