Anglesey Mining gained as much as 8% this morning, before falling back to its overnight closing level, after announcing new drilling at its 100% owned Parys Mountain site in North Wales.
The company says it will initially drill 4 holes to assess the remaining copper, zinc and lead resources at the site. A further six to eight holes may also be dug depending on the initial results.
Anglesey wants to prove there are sufficient resources at shallow depths. If there are it could lead to further development of the site.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company also confirms in today's release that it is considering "the various commercial options available to enhance the value of Parys Mountain for shareholders".
This implies that a sale is possible.
Over the past 12 months Anglesey shares have fallen by 51%.
BS
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
