Alba Mineral Resources, a UK-based exploration company, is pleased to announce that FOSSE Investments, its joint venture partner in Mauritania, has agreed to take ordinary shares in Alba by way of payment for part of the balance due by Alba to the joint venture.
Alba will satisfy £26,400 of the debt due to FOSSE with the issue of 5,280,000 new ordinary shares at a price of 0.5p each.
Michael Nott, Chairman of Alba said: "We are very pleased to cement further our relationship with FOSSE Investments, our joint venture partner in Mauritania, particularly as we believe the joint venture's interest in a new permit area, within the old permit area No.422 and where we had previously announced a significant uranium anomaly, will be reissued to the joint venture in the near future."
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The company also said it is in the process of completing a bank guarantee to ensure the reinstatement of part of a uranium licence in northern Mauritania that was suspended in 2011 due to a lack of fieldwork. The firm hopes that fieldwork will resume on this licence during the first quarter.
Following the signing of the joint venture agreement with Teck Ireland, a wholly-owned subsidiary of Teck Resources, in December 2011, Teck Ireland is now reviewing the data on the project with a view to starting fieldwork shortly.
The share price fell 5.13% to 0.93p by 11:50.
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