Canyon Resources focused on delivering West African bauxite project

Canyon plans to develop the project in two stages using different rail and ports for each stage.

A share purchase plan (SPP) is underway to raise an additional $1.5 million

Canyon Resources Ltd(ASX:CAY) continues to progress a pre-feasibility study (PFS) on its two-stage 100% owned Minim Martap Bauxite Project in Cameroon.

In November 2019, Canyon delivered a scoping study for stage one of Minim Martap as an interim milestone in the PFS.

Canyon expects to present the PFS as a two-stage development opportunity in the first half of 2020.

Stage 2, which is being investigated as part of the PFS currently underway, is anticipated to unlock higher export volumes and lower operating costs via the installation of the Kribi rail extension allowing for higher production rates through the existing deep-water port of Kribi.

Heading into 2020 with $4 million cash

Canyon ended 2019 with $3.96 million in cash, which was bolstered by a $2.5 million placement priced at 16 cents completed in December 2019.

A share purchase plan (SPP) is underway to raise up to an additional $1.5 million with a closure date of 4 February (today).

from Proactive investors article today
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