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SolGold Down Near 16 in UK Midday Trade as Pre-Feasibility Study on Alpala Project Not Expected Until Late 2021

· 02/05/2021 02:50

07:34 AM EST, 02/05/2021 (MT Newswires) -- SolGold PLC (SOLG.TO) was at last look down near 16% in U.K. midday trade after saying overnight Thursday that its feasibility study for the Alpala project on the Cascabel concession in Ecuador is not expected to be released until late 2021.

The company said its project committee determined that additional work is required to address a number of mine development and metallurgical alternatives and potential upsides, including the resource potential on other targets within the Cascabel concession.

SolGold said the committee identified the key work required and noted that it would be advisable to consider adjusting the current draft mine development plan and the draft mine production plan to derisk the project.

SolGold's management is also studying other options and scenarios to deliver further value, including adoption of dedicated hydropower plants and the improvement of metallurgical recoveries.

Price: 0.4800, Change: -0.0300, Percent Change: -5.88