Alba Mineral Resources plc has been granted an extension to its exclusive exploration licence over the Clogau-St David’s gold mine in north Wales.
Alba’s subsidiary, Gold Mines of Wales Ltd (GMOW), was originally awarded a six-year exclusive exploration licence, termed an option agreement, with effect from 10 February 2015.
The licence covers 107 km² encompassing the Clogau-St David’s gold mine and the majority of the Dolgellau gold belt.
The Crown Estate has now extended the licence for a further four years until 2025, which is the maximum extension possible under the terms of the original licence.
In keeping with the original licence terms, GMOW will submit formal progress reports every two years.
When GMOW is ready to start commercial production, it will apply to convert the exploration licence into a formal, long-term lease.
“We are delighted to have secured the maximum possible extension to our exclusive exploration licence over the Clogau-St David’s Gold Mine,” said Alba executive chairman George Frangeskides.
“We can now continue our progress towards reopening
the mine, secure in the knowledge that our rights are protected into the future.”