JOHANNESBURG (miningweekly.com) – The Australian Stock Exchange (ASX) has requested metals developer Axiom Mining to retract its prefeasibility study (PFS) announcement, published last week, as it does not own the Kolosori prospecting licence.
Axiom said in a trading statement on Tuesday that, while it had had ownership of the Kolosori tenement when independent mining engineers IMC Mining commenced with the PFS in August 2015, the Solomon Islands Court of Appeal had since set aside the Kolosori prospecting licence in March, which Axiom has since reapplied for.
Under ASX listing rules, Axiom is not allowed to publish the PFS details without owning the Kolosori tenement. The bourse has, therefore, warned that investors should not rely on production targets or financial forecasts stated in the PFS announcement, which Axiom has retracted.
Axiom still owns 80% of the San Jorge deposit, which was also included in the PFS.