Sirius Exploration continues to undertake due diligence on a potential Chinese acquisition.
It has extended the option agreement to 30 September. Sirius blames delays due to the Beijing Olympics.
The option covers tungsten mining and production assets in Jiangxi Province and Guangxi Province in China. It was announced on 19 June 2008.
An initial interest of 10% is to be acquired for £6m worth of shares at 22p each plus £2m in cash. Sirius can buy another 15% for £600,000 per 1% acquired.
Sirius Exploration didn’t go ahead with the acquisition of Njahili Resources, which owns an iron ore project in Sierra Leone, earlier this year because it couldn’t raise the cash.
Sirius has existing mining interests in Macedonia.
At 1.625p a share, Sirius is currently valued at £1.47m.
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