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Lithic Metals and Energy Ltd

  • BY: Andrew Hore |
  • POSTED: 01/01/2009 |

Lithic Metals and Energy Ltd is conserving its cash and concentrating on the most significant exploration assets.

Lithic had just over £3m in cash at the end of September 2008. Exploration spending has been reduced.

Further testing of the Kpote project in Togo shows that there is nickel in the initial exploration area and that area is likely to be expanded through more exploration. More than 40 uranium anomalies are being followed up in Zambia.

Lithic has bought back and cancelled 26m shares for 0.5p each. This is the equivalent of the Zambezi Resources stake that was acquired by directors and employees of Lithic in October 2008.

At 2.75p a share, Lithic is valued at £3.47m. 

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