Does this mean that the Monty Project is now even richer than was previously thought ? The original price paid by Centurion now considered too low ? Any other possible reasons ?
Announcement below
Balamara Resources Limited (“Balamara” or the “Company”) advises that the previously announced sale of a 10% interest in its subsidiary North Mining Doo, the 100%-owner of its Monty Zinc-Lead-Silver Project in Montenegro in Central Europe, to AIM-listed Centurion Resources Limited has been terminated for strategic reasons.
Balamara and Centurion will not pursue this relationship further and have decided to terminate the existing contract with immediate effect; accordingly, Balamara will return the required funds as per the original contract to Centurion in the coming days.
The Company is currently engaged in a drilling programme at Monty at the Zuta Prla deposit, as part of the current 2013 in-fill drilling programme. Balamara has already delivered significant incremental additions to the JORC Indicated Resource for Monty as a result of 2012 drilling at the Brskovo deposit and further upgrades to the JORC may be expected in the future once drilling at the other deposits is completed.
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