Power Metals expands in Canada


Power Metal Resources said it has taken an option agreement to acquire a 100% interest in four separate gold exploration properties located in the prospective Hemlo and Schreiber area of Ontario in Canada.

The company said it would pay up to $260,000, half in cash and half in shares, based on the issue of its share price at 3p.

The four option properties are located within 100km west or southwest of the company's new Hemlo North Gold Project, consisting of the 100% owned properties it acquired last week.

Paul Johnson, chief executive of Power Metals, said: ‘We have moved quickly to secure these interests but given the assessment work involved across four individual properties, we have also secured a 30-day option period to enable due diligence work to be undertaken carefully on the option properties.

‘Shareholders will see with our recent actions that we are building a significant portfolio of precious metal interests in North America and that is something we intend to continue should the right opportunities continue to remain available to the company.’

At 1:33pm: (LON:POW) share price was 0p at 1.9p

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