September 19 (SeeNews) - Canada-based mineral exploration and development company Erin Ventures has said it received exploration license extension for its wholly-owned Piskanja Boron Project in Serbia.
Erin has until September 18, 2020, to complete the next phase of its exploration work, with the right to a further two-year extension beyond that date, until September, 2022, Erin Ventures said in a statement on Tuesday.
Additionally, the exploration license extension has triggered a 90-day financing option of $5.135 million (4.385 million euro), which was previously granted to a strategic partner, the company said.
As a result, Erin is now readying plans to continue the exploration works required to advance its Piskanja Project towards feasibility, in anticipation of the financing option being exercised shortly, the company said.
Piskanja is Erin Ventures’wholly-owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes, and an inferred resource of 3.4 million tonnes, calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).
($ = 0.853787 euro)