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Power Metal Resources PLC - metals exploration company with projects in North America, Africa, Saudi Arabia and Australia - Subsidiary Power Arabia Ltd finalises agreement with Alara Resources Ltd and Awtad Copper LLC to acquire a 13% stake in the Block 8 concession in Oman for $740,000 and expects field work to begin ‘imminently’. Chief Executive Officer Sean Wade says: ‘I am delighted to be able to announce that another landmark deal in our growing Power Arabia business has been signed. We already have a team on the ground undertaking final logistical preparations. Moreover, we are continuing to build a local geological team to support this initial work, and for the rest of our expected project development in Oman.’
Current stock price: 13.50 pence, closed 4.3% lower in London on Friday
12-month change: down 3.6%
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