Drilling Update
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Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the "Project"), announces it has elected to postpone its drilling programme to accommodate a broader request by the Geological Survey and Mines Bureau ("GSMB") to reduce operations on government-controlled land until the Sri Lankan presidential elections on 21 September 2024.
The purpose of the drilling is to increase the resource, as well as to help with design and engineering, mine planning and to obtain greater geological confidence in the proposed mining areas. All approvals remain in place and equipment will remain on or near site ahead of recommencement of activities.
Greg Martyr, Executive Chairman of Capital Metals, commented:
"While we are entitled to proceed immediately, given the much improved and productive relationship with the GSMB, the Company believes it is in its interests to demonstrate goodwill and acquiesce to the department's request for a short postponement."
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