Western Metals Extends Parys Due Diligence
Perth-based mining company Western Metals has notified the Australian Securities Exchange (ASX) that it will not go ahead with the proposed aqcuisition of the Parys Mountain project near Amlwch as set out in the agreement on 7 April 2008.
The company says it is continuing its discussions with Anglesey Mining plc, owner of the Parys site, and that they have agreed to extend the due diligence period to 30th September 2008.
During a company presentation, George Bauk, Managing Director, said the Parys site has a history of extensive service drilling.
He refrerred to the fact that the last two holes drilled at the project in 2006 showed 5.5 metres of more than 20% zinc equivalent and 2.5 metres of greater than 45% zinc equivalent, a very substantial resource.
This statementto the ASX By Western Metals comes hot on the heels of Anglesey Mining plc announcing very good results for the latest financial year, with excellent prospects at its iron ore project in Labrador, Canada.
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