Metal Tiger up as it exercises Russia project option

Metal Tiger exercised its option to participate in the Semenovsky Tailings Project in Russia this week, it announced, in partnership with Eurasia Mining.

The AIM-traded company initially announced the opportunity on 16 November last year, at which point it paid $25,000 (£18,000) immediately to secure an option to participate in the project on equal terms with Eurasia.

"I am please to confirm that Metal Tiger will be participating in this gold production opportunity," said chief executive Paul Johnson.

"The project fundamentals, particularly recently updated and announced in February, made exercise of this option an obvious commercial decision for the company," he added.

By exercising the option, Metal Tiger was committed to a payment of up to $100,000 for due diligence, of which $50,000 had already been paid.

Metal Tiger said it would meet with Eurasia shortly to discuss forward planning, and said it would update the market with its plans for due diligence completion and 2016 activities in the near term.

At 1538 GMT, shares in Metal Tiger were up 3.75% to 2.6p.