BMR invests in metal exploration property in Portugal

14th Nov 2016 09:07

(ShareCast News) - Miner BMR Group has acquired 80% of a metals exploration concession over a property in Northern Portugal.The property contains tungsten, tin, gold and silver among other minerals.The option was granted by Mineralia-Minas, Geotecnia E Construcoes, a private Portuguese geological and engineering company which holds a number of exploration concessions granted by the Portuguese government.AIM-listed BMR believes the joint venture will secure a "unique opportunity" in a "strategically important sector" of the mining industry as well as enabling it to achieve its growth strategy.The option has a term of 12 months and is exercisable upon the expenditure of €140,000 by the company. The funds will be used primarily to fund the exploration costs over the year.BMR has also agreed a deferred consideration with Mineralia of €100,000 when a preliminary exploitation license is granted and another €1m upon the grant of a definitive exploitation license on the property.Chairman Alex Borrelli said: "We are delighted to have secured this option over the Ester Property, which has the potential of enabling BMR to expand its interests in the natural resources sector as well as geographically, for value creation."The share price rose 4.59% to 7.06p at 0943 GMT on Monday.