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Axiom Mining Ltd's 30% spike prompts ASX price query

Published: 17:00 27 Jun 2016 AEST

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Axiom Mining Ltd (ASX:AVQ) today responded to an ASX price query as the company's shares increased to $0.17 from a low of $0.13 at the close of trading on Thursday, 23 June 2016.

Axiom replied to the ASX by confirming they were not aware of any information concerning it that has not been announced to the market that would explain the recent trading in the securities.

Axiom added further comment: "The company expects official information from the Solomon Islands Government shortly as to the process and/or re-permitting of the Kolosori tenement on Isabel Island.

"The company continues to work with its current strategic partners as to the development of the Isabel Nickel Deposits which includes the San Jorge tenement and other potential development partners and during the normal course of business it continues discussions with other potential development partners.

"There has also been political and media speculation that with the new government in the Philippines, it may introduction a ban on the shipping of nickel ore, further limited the supply available to China, the world's largest consumer of nickel ore."

Axiom's two major projects are the Isabel Nickel Project and the West Guadalcanal Project located in the Solomon Islands.

During March, The Solomon Islands Court of Appeal ordered that the land where the Kolosori deposit within the Isabel Nickel Project is located remains customary land and that Axiom's registered lease and prospecting licence be set aside.

 

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