LONDON (ShareCast) - (Sharecast News) - European Metals Holdings announced the granting of an extension to the Cinovec Exploration Licence that covers the two granted Preliminary Mining Permits (PMPs) on Monday.
The AIM-traded firm said the granted PMP\'s conveyed the sole and exclusive rights on the company to apply for a Final Mining Permit, but did not allow for further drilling.

As the company wished to conduct further metallurgical and measured resource drilling, an extension to the exploration license that was due to expire in July was sought.

It said the licence had now been extended until 31 December.

The Czech Ministry of the Environment stated in its extension decision the possibility of a further extension of the licence, if necessary, to complete all planned work.

European Metals Holdings said it did not envisage that a further extension would be necessary.

\"After granting of the exploration licence, a company needs to undertake a summary geological and reserves calculation report that is submitted to the Ministry of Environment and if successful, results in granting of a Deposit Certificate,\" the board said in its statement.

\"Approval from MoE and a Deposit Certificate issued entitles the company to apply for a PMP.\"

Geomet had already carried out a geological survey at all three deposit territories - the east, south and northwest and successfully presented all final reports and reserves calculations to the Ministry of Environment, it explained.

Deposit Certificates had been granted for all three deposits.

\"The company currently holds PMP\'s for East and South deposits.

\"A PMP application for the Northwest deposit area is currently in the permitting process.

\"If the process is successfully completed, the three granted PMPs will cover the entire area of the Cínovec deposit.\"

European Metals Holdings said it held an exclusive right to apply for that permit until the end of 2021.

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