Mining & Metals
Argyle Resources Down 13% As Announces "Strategic Shift" Toward Canadian Asset Development
Argyle Resources (ARGL.CN) has elected to discontinue its involvement in the Bovill Silica Project located in Idaho, USA, and the Sundance Bear Lodge Rare Earth Elements Project located in Wyoming, USA, as part of the company's ongoing review of its exploration portfolio and strategic priorities, the company said on Wednesday.The company will instead redirect its focus and resources toward the advancement and evaluation of its Canadian-based mineral assets, including its silica and precious metals projects located in Quebec and exploration at McKay Hill silver-gold property in Yukon, Canada.It does not anticipate any material penalties or ongoing obligations associated with discontinuing the U.S.-based projects.The company's management team, in collaboration with the board of directors and technical advisors, will continue evaluating exploration and development opportunities across its Canadian asset base, it added."Following an internal review of our asset portfolio and long-term strategic direction, management believes that concentrating our efforts on Canadian exploration and development opportunities represents the most effective path forward for the company," said Jeff Stevens, Chief Executive Officer of the company. "This decision allows Argyle to streamline operations and focus capital and technical efforts on advancing our domestic projects."Shares were down $0.015 and near 52 week lows at $0.09 on the Canadian Securities Exchange.Price: $0.10, Change: $-0.02, Percent Change: -13.64%
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