JOHANNESBURG (miningweekly.com) – Lead/zinc exploration company Ferrum Crescent has withdrawn the resolution seeking shareholder approval to raise A$2.7-million for the Toral project, in Spain.
The company said on Thursday that the resolution, which was due to be voted on at the October 18 general meeting in Perth, had been withdrawn as the board believed that the Toral asset might not require the full amount.
Following the resignation of executive chairperson Justin Tooth last week, the Ferrum Crescent board has initiated an operational review, focused on how best to derive value from the Toral asset.
“From initial work completed, the board believes that it is possible to pursue a strategy to build value at the Toral lead zinc asset for a cost lower than originally planned…,” it said in a statement.
The explorer recently shifted its focus to the Toral project after selling its Moonlight iron-ore assets in South Africa.