Mariana Resources down after dumping copper-gold project in Peru
Mariana Resources (LON:MARL) (TSE:MRY) stock in London took a hit Thursday morning after the company revealed it was abandoning its Condor de Oro copper-gold project in Peru.
Shares in the company dropped 12% to 1.46 pence on the announcement, which also said the company would now focus on the Soledad and Ruremac copper-gold projects in Peru, the Nassau gold project in Suriname, and the Los Cisnes and Los Calandrias gold-silver projects in Argentina.
Mariana completed an eight hole scout drill programme at Condo do Oro and as previously announced in September 2014, positive indications were intercepted in all wide spaced scout holes.
The company also noted that continuing the project would have required a $4 million investment in 2015.