AUSTRALIA – Audalia Resources Ltd (ASX:ACP) has announced that the Department of Mines and Petroleum has granted mining lease application M63/356 for the Medcalf Project.
Earlier in the week, Audalia signed a definitive agreement with the Ngadju People in relation to the grant of project tenure, development of the Medcalf Project and conduct of the operations.
With the grant of the mining lease, the company may now commence the process of seeking regulatory approvals and permits required to develop the project, the company said in a disclosure to the Australian Securities Exchange.
“We are very pleased with the efficient manner in which the Western Australian Department of Mines and Petroleum has dealth with our mining lease application. This is another significant milestone in advancing the development of Audalia’s flagship Medcalf Project. We look forward to providing updates on the pre-feasibility study in due course,” said Audalia’s executive chairman Dato Soo Kok Lim.
On Friday, Audalia Resources Limited (ASX:ACP)’s stock gained 12.5 percent following the news. The stock closed at 0.225 a share with 10,000 shares traded.
Audalia Resources Limited (Audalia) is an Australian-based exploration company. – BusinessNewsAsia.com