Kasbah Resources in pre-open pending Achmmach tin project announcement
Kasbah Resources (ASX: KAS) has been granted a trading halt by the ASX pending an announcement on the Achmmach tin project in Morocco, with the company's shares placed in pre-open.
Kasbah did not elaborate what type of announcement was pending for Achmmach, but tin has recently experienced a strong run up in price - and therefore increased interest from investors.
Even though tin has fallen to around US$25,000 a tonne, from over US$32,000 earlier in the year, the price still remains well above the US$14,000 level from two years earlier.
Last month Kasbah intersected three major tin zones at Achmmach, with highlights including; 7.65 metres at 2.21% tin from 147 metres, 5 metres at 1.67% tin from 151 metres, and 9 metres at 1.50% tin from 171.5 metres.
Kasbah then commenced extension drilling which the company said if successful, could extend one of the zones strike to over one kilometre in length.
Source: Monday, June 27, 2011 by John Phillips
KAS Price at posting:
16.5¢ Sentiment: LT Buy Disclosure: Held
