Adriatic Metals PLC – Cheltenham, England-based precious and base metals exploration and development company – Says Vares silver project in Bosnia & Herzegovina is 84% complete and expects first concentrate production in November. This comes after the first ore was mined and stockpiled at the Rupice mine last week. Adds final project cost estimate is USD182 million. Cash balance at June 30 was USD85.6 million, and expects exploration outflows of USD75.7 million.
Chief Executive Officer Paul Cronin says: “We remain firmly on track and fully funded to complete the construction of Europe’s most modern mine producing quality silver and zinc concentrates for the European and international markets.”
Current stock price: 180.60 pence, down 1.3% on Monday
12-month change: up 74%
By Sabrina Penty, Alliance News reporter