Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) provided an update on progress at its Vares silver project in Bosnia-Herzegovina.
"We are very happy with the advances made in construction activities so far, with the project progressing on time as planned,” said Adriatic’s managing director Paul Cronin.
“The first phase of underground construction is due to start imminently. Concurrently we have recently started site works on the haul road connecting Rupice to the Vares processing plant site. The strong oil price continues to impact the cost of diesel in Bosnia.
"However, this has not made a substantial impact overall on project costs, which is promising. Therefore we are not experiencing any major changes in budget estimates due to cost inflation.”
Lower decline construction to the Rupice underground mine is now expected to commence imminently, with upper decline construction expected to start by the quarter end.
Mobilisation of underground mining equipment is underway, and haul road construction has started.
Meanwhile, civil works for the Vares processing plant are expected to commence in the coming weeks.