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Canisp

  • BY: Andrew Hore |
  • POSTED: 23/07/2010 |

Cash shell Canisp is buying Tri-Star, which owns an antimony mining licence in the Gediz district of Turkey.

Canisp is paying 150,000 for Tri-Star and 150,000 more will be payable when the resource is deemed to be commercially viable and funding is raised to develop the mine.

Tri-Star owns the rights to the Goynuk antimony mine and intends to evaluate the resource at this mine through drilling and geophysical exploration. Antinomy is predominantly supplied by china and this resource will provide a source that is nearer to Europen customers.

Canisp will need to raise additional cash to finance the assessment of the resource.

Antimony is used as a flame retardant, for batteries, safety matches and in glass manufacture.

Shares in Canisp were suspended on 12 February. Canisp had six months from that date to make an acquisition. 

At 0.34p a share, Canisp is valued at 2.96m.

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