Aton Resources Inc. ceded 25% of its fully-owned Abu Marawat concession located in the Eastern Desert, according to a press release.
The Egyptian Mineral Resources Authority (EMRA) has approved the relinquishment on June 3, and the concession’s area has been reduced to 447.7 km². The statement added that no changes will occur to the western Hamama block, while the larger Eastern block was reduced to 423.2 km². Aton noted that the ceded 25% did not show potential for the discovery of economic gold mineralization.
It should be noted that previous to the relinquishment, Aton was granted a three-year extension to the final exploration period at its Abu Marawat Concession.
“We are pleased to confirm the relinquishment of a further 25% of the concession, comprising extraneous and unprospective “moose pasture”, and which will have no material effect on Aton. On the contrary, this relinquishment is in exchange for an extension of a further three years on the exploration license at Abu Marawat, and we are delighted that this confirmed security of tenure will now allow us to actively pursue our planned programs,” commented Mark Campbell President and CEO of Aton Resources.