Pembridge Resources making progress on all fronts

News

Pembridge Resources PLC (LON:PERE) said it is working with the regulators to relist the company as it unveiled plans to raise GBP2.2mln in a fundraiser backed by its new board members.


Some GBP2mln will come from chairman and chief executive Gati Al-Jebouri with non-execs Francis McAllister and Guy Le Bel putting in the remainder.


The update came in a wide-ranging statement from Pembridge, which in June agreed to buy Minto Explorations, the owner of a copper-gold-silver mine in the Yukon, Canada.


Operationally, the dewatering and rehabilitation of the underground access ramps have been completed at Minto and areas within the mine are ready for blasting.


The processing plant, meanwhile, will commence milling on a two-week on, two-week off basis until enough work has been completed to justify higher monthly processing capacity.


The update was provided alongside interim results, which revealed the Pembridge made a loss of US$2.88mln.

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