PERTH (miningweekly.com) – The French Ministry of Economy and Finance has given approval for ASX-listed Apollo Minerals to acquire the remaining 20% interest in the Couflens tungsten/copper/gold project.
Apollo in March struck a deal with fellow-listed Variscan Mines to acquire the remaining interest in the project for $4.25-million.
The company said at the time that it would rapidly advance exploration activities at Couflens, including the definition of a maiden mineral resources estimate for tungsten, and start planning for an initial drilling campaign targeting gold and tungsten.
“We are pleased that the French government has confirmed its approval for our proposed transaction, which was a condition precedent to closing,” said Apollo executive director Hugo Schumann.
“Our desire to increase our ownership of the Couflens project to 100% reflects our growing appreciation of the high quality of the project and its significant exploration upside.
“We are now well placed to carry out our exploration and study programmes, backed by a strong cash balance and quality institutional shareholders.”
The Couflens project is located in the Pyrenees region of southern France.