Sula Iron & Gold granted licence renewal in Sierra Leone

7th Nov 2016 08:44

(ShareCast News) - Sierra Leone-focused multi-commodity exploration company Sula Iron & Gold announced the renewal of the mineral exploration licence held by its wholly-owned subsidiary, Blue Horizon.The AIM-traded firm said the licence covered all of its historic, existing and planned exploration activities and sites.It said the government of Sierra Leone renewed Blue Horizon's licence EL54/2011 for an initial period of almost three years to 22 August 2019, and when that initial term expires, it may then further extend the Licence for an additional two years to 22 August 2021.The licence - which comprises Sula's principal asset, including the 153 square kilometre Ferensola Gold project - is located within the Northern Province of the Republic of Sierra Leone.It is identical in terms of area covered to the licence granted to Blue Horizon in August 2011, as outlined in Sula's AIM admission document dated 2 October 2011.Subsequent renewals following the aggregate five year period will be subject to further negotiations with the Government of Sierra Leone, the board explained."This licence renewal is a significant step for the Ferensola Gold project, recognising the progress that we've made to date and underpinning our proposed work programme for this excellent project," said Sula CEO Roger Murphy."The efficiency of the Government of Sierra Leone is to be applauded as it provides further investor certainty for the ever developing Sierra Leone mining sector."