Haneti Project Review

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Power Metal to exit 35% stake in Haneti Project after technical review indicates insufficient prospectivity.

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Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, notes the announcement by Katoro Gold PLC ("Katoro") of their decision to cease further investment in the Haneti Project ("Haneti").

Currently, Katoro owns 65% of the Haneti Project, with Power Metal owning the remaining 35%.

The Board of Power Metal concurs with Katoro that the extensive technical review undertaken by Katoro does not indicate sufficient prospectivity at Haneti and therefore does not support further capital expenditure.

Sean Wade, Chief Executive Officer of Power Metal Resources said:

"As a Board, we are sharply focused on shareholder value and maximising the return on our investments.

"We do not feel that a sufficiently compelling opportunity exists at Haneti and have therefore decided to exit from the investment.

"We continue to examine to portfolio closely and will not be afraid to take similar decisions elsewhere at the appropriate time."

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.