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Katoro Gold said the planned buyer of its Imweru gold project in Tanzania, Lake Victoria Gold, had requested an extension to finalise the deal.
The initial deadline for completion of the deal had been Friday.
Katoro Gold said it was considering the request.
The company, however, also said that interest had recently been expressed in its Lake Victoria gold interests by other third parties.
'Whilst the company's focus for now remains on working with Lake Victoria Gold, the board will consider other proposals should they be appropriate,' it said.
Power Metal Resources, which 5.6% of Katoro Gold, welcomed Katoro's announcement.
At 1:22pm:
(LON:KAT) Katoro Gold Mining Plc share price was 0p at 1.1p
(LON:POW) share price was 0p at 0.48p