News: Lemur Resources still evaluating potential asset purchases

Lemur Resources (ASX:LMR), which is majority owned by Bushveld Minerals (LON:BMN), continues to trade at a significant discount to cash.

Cash on hand at the end of September stood at A$15.04mln, equivalent to around 7.5 cents a share, the company revealed in a quarterly report; shares currently trade at around 3.4 cents.

As previously disclosed, the company is evaluating gold and coal projects in Africa for potential acquisition.

The company upgraded the mineral resource estimate at its flagship project, the Imaloto coal mine and power plant in Madagascar in the third quarter.

The resource stands at 135.7mln gross tons in situ, with more than 90% of those resources in the measured and indicated categories.

The company remains in talks with various Madagascan ministries in respect of the proposed Imaloto coal-fired power licence. Bushveld own 57.21% of Lemur.