Western Metals Limited has announced on the Australian Securities Exchange (ASX) (13 October 2008)that following a detailed due diligence on the Parys Mountain project on Anglesey, the company will not be going ahead with the acquisition on the previous terms.
Though Western Metals (WMT) has continued detailed discussions with Anglesey Mining plc, the two companies have not been able to agree commercial terms in a way that satisfies Western Metals’ estimate of the project risks.
As a result, WMT has now stopped negotiations with Anglesey Mining.
Western Metals is still looking to the acquire an advanced asset and will continue to evaluate appropriate opportunities.
With in excess of $20 million in cash, WMT is in a strong position to contnue through the current global economic uncertainty and acquire good assets by sticking to its unique business development strategy.
WMT says it is carrying on with its Tanzanian uranium prospects,and drilling results will be released to the market after evaluation.
