Strategic Minerals ups stake in Cornwall Resources Ltd

Diversified mineral production and development company Strategic Minerals has exercised its remaining option to purchase further shares in Cornwall Resources Ltd.

"The funding of the option payment now sets the framework in place for progressing the 2017 Redmoor tin/tungsten drilling programme near Kelly Bray, Cornwall," said MD John Peters.

"We look forward to updating the market on the drilling programme in the first quarter of 2017," he added in a statement.

Strategic Minerals made payment of £843,649 to Cornwall, formerly known as NAE Resources (UK) Ltd, and has been issued a further 248,864 shares in that company.

This brought Strategic Minerals' stake in Cornwall up to 309,837 shares, a total that matched that of its joint-venture partner, New Age Exploration Ltd.

At 16:15 GMT, shares in AIM-listed Strategic Minerals were flat at 0.6p each.