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Alba lifted as it shifts focus to Clogau for rest of 2019

Preparations are already underway for an underground exploration programme at the Welsh gold project

Alba Mineral Resources plc - Alba lifted as it shifts focus to Clogau for rest of 2019
Soil testing at Clogau in early August indicated a strike four times longer than the UK’s most prolific gold mine

Alba Mineral Resources plc (LON:ALBA) shares were lifted on Wednesday by an upbeat update in which it said it would be focusing on the development of its Clogau gold project in Wales.

George Frangeskides, executive chairman of the AIM-listed explorer, said “excellent results” from the project over the last year had reinforced its “enormous potential” and, as a result, the firm would be focusing its field work for the rest of 2019 on Clogau, with preparations already underway for an underground exploration programme at the site.

READ: Alba Mineral identifies 4km gold strike, plans reopening of historic Welsh mines to boost cashflow

The decision to focus on Clogau follows news in early August that soil testing at the site had indicated a strike four times longer than the UK’s most prolific gold mine.

The firm would also be focusing on technical studies to refine products and markets for its Amitsoq and Thule Black Sands projects, both located in Greenland.

"Our overriding objective will be to continue to deploy the Company's funds towards the fast-tracking of those of our assets that can most quickly move into the development and production phases”, Frangeskides said, adding that the company would also consider selling some of its assets “if the right opportunity arises”.

In mid-afternoon trading, Alba’s shares were 3.7% higher at 0.18p.

Quick facts: Alba Mineral Resources PLC

Price: 0.302 GBX

AIM:ALBA
Market: AIM
Market Cap: £18.81 m
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