- Korab Resources received a lease extension on the Bobrikovo gold and silver project in Ukraine
- The extension was granted while political turmoil continues in the occupied Luhansk region, where the project resides
- Korab’s shares are up 14.29 per cent today, currently sitting at 2.4 cents apiece
Korab Resources has had its mining leases in Ukraine extended by Presidential Executive Order amid turmoil in the occupied Luhansk region.
The company informed shareholders its fully owned subsidiary, Donetsky Kryazh, received lease extensions for the gold and silver Bobrikovo project, which falls within the boundaries of Luhansk.
Without the extension, the companies mining permits was due to expire. In a release published today, Korab said the lease has been prolonged until tensions cease.
Ukrainian media reports last week the Russian-occupied region was subject to a bomb attack, which potentially sought to destroy one of the city’s bridges.
Additionally, armed conflict between both sides actively continues, as detailed in reports this week.
A resource estimate of Bobrikovo forecasts it to hold 3.3 million ounces of gold and 16.3 million ounces of silver. Due to the multi-million ounce resource potential, Korab said it is “very pleased” the mining lease is extended.
Shareholders responded well to the lease extension of Bobrikovo, with shares in the company jumping 14.29 per cent to sit at 2.4 cents apiece.
Korab also operates a copper and gold project in Western Australia. As well as a magnesium carbonate project in the Northern Territory.
The company said its focus will remain on developing the Winchester magnesium carbonate project, with an aim to tap into the international market.