China Africa Resources, a mining company, has said that it is not aware of any reason behind the recent rise in its share price.
The firm said it continues to pursue its strategy to carry out a feasibility study over the Berg Aukas Project.
So far it has appointed most of the consultants that will be working on the feasibility study and received designs for a drilling program from consultant Geologists which will be performed to establish JORC resources. A 'request for tender' for the drilling work was distributed in December, and drilling is expected to begin in February.
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
As at 31 December 2011 the company had a cash balance of £3.8m.
The share price, which has risen 78.79% in the past month, was up 3.51% on Wednesday at 29.5p.
__
NR
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
-
The MoneyWeek Christmas Charity Appeal: who are we supporting and how to donateThis year MoneyWeek is supporting YoungMinds, tackling mental health for children and young people. Here’s why we are partnering with YoungMinds and how you can help.
