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URU Metals Limited - Update on Mining Right Application

RNS Number : 6505J
URU Metals Limited
15 April 2020
 

15 April 2020

 

URU  Metals Limited


("URU" or "the Company")

Update on Mining Right Application

 

 

URU is pleased to announce that the Company continues to make progress in advancing the Mining Right Application as announced on the 11 December 2019. The Final Scoping Report ("FSR") has been accepted and the approval to proceed with the Environmental Impact Assessment ("EIA") phase has been granted.

The specialist studies related to the EIA phase were planned to commence at the end of March 2020, but due to the Covid-19 lockdown in South Africa the studies had to be postponed. The EIA phase will commence as soon as the lockdown in South Africa is lifted, which at this stage is expected to be the 30 April 2020. The focus of the EIA phase will be to expand on the impacts and mitigation measures identified in the scoping phase, and is expected to cost GBP250,000.

The company has decided to prepare an extension request for the EIA phase to be submitted to the Department of Mineral Resources and Energy  as soon as the lockdown in South Africa is lifted. The extension request will be based on the delays caused by Covid-19.

CEO of URU Metals, Mr John Zorbas, commented: "We are pleased that another project milestone has been met on time and on budget and that the team can proceed with the EIA phase. Even though the Covid-19 outbreak has resulted in some delays to the project timelines, the team are prepared and ready to immediately commence with the EIA as soon as the South African lockdown is lifted."

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 

+1 416 504 3978

 

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat

+ 44 (0) 203 470 0470

 

 


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Quick facts: URU Metals Ltd

Price: 215

Market: AIM
Market Cap: £3.2 m
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