Copper-company Avanco Resources (ASX:AVB) has been granted a trading halt by the ASX pending the release of a material announcement regarding JORC Reported Ore Reserves.
Avanco shares are currently in pre-open.
The company operates in the world class Carajás Mineral Province, Brazil.
Avanco owns the rights to 100% of the second largest area of mineral tenure in the region, with only Vale SA holding more.
The Antas Copper Mine (Stage 1) is Avanco’s first mine development and was granted a full Mining License in September 2014.
US$70m of project funding is aligned for the start of construction in 2014 and with first production targeted for 2015.
Timely implementation of Stage 1 is being pursued to help finance the company’s second copper project
The company is well-funded with over $32 million in cash at the end of June 2014.
The halt will remain in place until the opening of trade on Thursday 18th September 2014, or earlier if an announcement is made to the market.
News: Avanco Resources to reveal JORC Ore Reserves
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