European Lithium’s (ASX:EUR) shares were trading circa 21% higher intra-day following the appointment of consultants for the pre-feasibility study (PFS) for its Wolfsberg Lithium Project located in Austria.
A work schedule has been developed for completion of the Wolfsberg Lithium Project PFS in the March quarter 2018.
During October, European Lithium completed a placement raising $2.3 million, mainly from European based sophisticated investors, at an issue price of $0.05 per share.
Interestingly, the shares were last trading at almost three times the issue price, at $0.145
The new funds will be used towards finalising the pre-feasibility study at Wolfsberg.
European Lithium’s 100% owned Wolfsberg Lithium Project has a JORC resource of 10.98 million tonnes grading 1% lithium oxide.
The company’s chairman Tony Sage and newly appointed German director Stefan Muller is currently at various investor relation events including London Mines and Money, Vienna Stock Exchange reception and investor roadshows in Vienna and Berlin.