URU Metals' shares slide as it raises £640,000

22nd Nov 2016 14:48

(ShareCast News) - Shares in URU Metals are down almost 14% as it raised £640,000 at 0.4p a share to progress the work programme at its Zebediela Nickel Project.This work would include drill testing potential extensions of nickel mineralisation, infill drilling, metallurgical studies and the completion of an updated mineral resource estimate."The scope of work is to increase the confidence on the potential magnetite resource which has been identified in the oxide and sulphide zones of the orebody," the company said."Confirmatory drilling, combined with metallurgical test work on new and existing drill holes, is intended to generate sufficient data to update the existing Preliminary Economic Assessment to produce an updated high level project IRR and NPV, as well as a revised project plan."At 13:54 GMT, shares in AIM-listed URU were down 13.64% to 0.48p each.