Tethyan Resources PLC Suva Ruda Update (8773H)
June 13 2017 - 1:01AM
UK Regulatory
TIDMTETH
RNS Number : 8773H
Tethyan Resources PLC
13 June 2017
13 June 2017
TETHYAN RESOURCES PLC
SUVA RUDA PROJECT UPDATE
Tethyan Resources plc ("Tethyan" or the "Company"), the project
developer focused on the Western Tethyan belt, is pleased to
announce that it has signed an access agreement with the
Municipality of Raska (the "Agreement") for the use of roads, and
received regulatory approval for all drilling pads required for the
2017 drilling campaign on the Company's Suva Ruda Project, located
in Southern Serbia.
Overview
-- Access permissions have been granted to Tethyan for the use
of public roads for drilling rigs and equipment
-- The Company continues to positively engage with local communities
-- The current drilling programme is progressing smoothly, with three drill holes completed
-- Mapping and soil sampling programmes have commenced at
additional exploration targets within the Suva Ruda exploration
permit.
Peter Mullens, CEO of Tethyan, commented:
"Tethyan has been working hard on establishing positive
relationships with local communities for the last nine months, and
the formal documentation for the use and maintenance of public
roads is now in place.
"This local support allows Tethyan to progress its 2017 field
programme with drilling, Induced Polarisation (IP) geophysics,
surface mapping and geochemistry at Rudnitza and elsewhere within
the Suva Ruda permit.
"Our community team will continue to regularly engage with local
stakeholders and we look forward to an ongoing successful working
relationship.
"We expect to have completed our current drilling programme by
the end of June and I will update the market in due course."
The Agreement
The aim of the Agreement with the Municipality of Raska and its
public utility company is to provide Tethyan, and its contractors,
with access permissions where vehicle weights exceed normal limits,
such as is the case with drilling rigs and equipment. In addition,
it regulates the manner in which the repair of damage to roads,
caused by Tethyan, will be compensated for by the Company.
In parallel, Tethyan has provided a signed representation and
warranty document to the local community of Rudniza Village in
relation to the use and maintenance of local roads, in accordance
with, and supplementary to, the issued approval granted by the
above agreement.
Tethyan has received surface right agreements with Srbijasume
the State Forestry Agency for the 2017 drilling programme for
preparing access roads and drilling pads, Rehabilitation work on
existing roads and pads not used anymore is taking place.
Community Engagement
The documentation signed is the result of positive engagement
between Tethyan, local leaders and surrounding communities, which
has been ongoing since September 2016. Community newsletters are
regularly prepared and disseminated locally, and policies and
procedures regarding land access and damage compensation, grievance
management and community support initiatives are publicly
disclosed.
Tethyan's Sustainability Policy states that it understands the
importance of contributing to the social and economic development
in the areas in which it operates. Additionally, it says that
Tethyan shall:
-- Build a common platform for dialogue and participation with
all stakeholders on projects that benefit the communities
associated with its operations
-- Engage with local authorities, community representatives,
inter-governmental and non-governmental organisations and other
interested parties to support its work
Drilling Programme
The planned drilling, as announced by the Company on 25 April
2017, is currently underway and operating smoothly. It is expected
that approximately 2,000 metres of diamond core drilling, at four
drill holes, will be completed by the end of June 2017. Three of
the drill holes are already completed, the first results of which
are also expected by the end of June.
In addition, the Company's geologists are currently mapping and
completing stream sediment and soil sampling programmes over
additional exploration targets within the Suva Ruda exploration
permit. Preparation for a significant TITAN Induced Polarisation
("IP") geophysical survey, to be completed later this summer, is
underway, beginning with mapping of land ownership and the
calculation of potential compensation requirements where crops or
land may be disturbed.
About Tethyan
Tethyan is an AIM quoted junior exploration company exploring
for copper and gold within the Tethyan mineral belt. Tethyan has an
experienced Board and technical team. Currently Tethyan holds
several licences in Serbia and is looking for other copper and gold
projects in Eastern Europe, specifically Serbia and Bulgaria.
Southern Arc (TSXV: SA), a strategic investor in Tethyan, will hold
29.9 per cent of the Company on completion of the Southern Arc
Subscription and the Newmont Acquisition. Southern Arc brings
considerable corporate and exploration experience to Tethyan.
For further information please contact:
Tethyan Resources PLC +44 1534 881 885
Peter Mullens (CEO) pjm@tethyan-resources.com
Cairn Financial Advisers
LLP +44 (0) 207 213 0880
James Caithie / Sandy
Jamieson
Blytheweigh
Tim Blythe / Camilla Horsfall +44 (0) 207 138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSFUEFEFWSELM
(END) Dow Jones Newswires
June 13, 2017 02:01 ET (06:01 GMT)
Tethyan Res (LSE:TETH)
Historical Stock Chart
From Apr 2024 to May 2024
Tethyan Res (LSE:TETH)
Historical Stock Chart
From May 2023 to May 2024