Perth-based CityView Corporation Ltd has increased its stake in its Angolan metal projects to 64 per cent, more than doubling its shareholding in the past 12 months, the company has announced.
The full text of a company announcement is pasted below
CityView Corporation Limited further strengthened its exploration prospects this week with another increase in its stake of both the Longonjo Metals and Ucua Beryllium projects in Angola.
This increase brings CityView's stake to 64% - more than doubling its shareholding in the last 12 months.
In exchange for the increased stake, CityView has agreed with Petro African Energy plc to fund the next phase of the exploration program at the Longonjo Metals Project, budgeted at US$200,000. CityView has management control of both projects.
CityView CEO, Mr Mark Smyth said "The rapid increase in our stake of the projects further cements CityView's status as a significant player in the chase for minerals discovery in Angola."
CityView's drilling contractor is currently mobilising from Johannesburg to Huambo Province in central Angola to commence drilling at the Catabola Cu-Au Prospect. Drilling of the 3,000 metre program is expected to commence in the first week of September. CityView's geological consultants, Aurum Exploration Services and Mr John Jacoby will oversee the drilling program.
