Peninsula sells South Korean mine; switches focus to copper, gold and zinc
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South Korea-focused junior explorer Peninsula Mines is turning its attention to copper, gold and zinc exploration on the back of higher prices for these commodities after offloading its Daehwa molybdenum-tungsten mine.
Perth-based Peninsula (ASX:PSM) was unchanged in morning trade despite announcing the $675,000 sale of the mine to Korean company Kondo Mining Development.
“This is a good outcome for Peninsula. We have monetised the Daehwa project and can now focus our attention on drilling the Ubeong Zinc-Lead-Silver and Copper-Gold Project and advancing our Graphite development plans,” Peninsula Managing Director Jon Dugdale said.
Daehwa Molybdenum-Tungsten Project includes three contiguous granted mining tenements that contains two historical underground molybdenum / tungsten mines, Daehwa and Donsan, located about 100km southeast of Seoul in Chungbuk Province in central South Korea.
The news comes after Peninsula earlier this month announced it had begun diamond drilling targeting copper-gold mineralisation at its Ubeong project in South Korea.
Overnight, the price of gold surged through $1300 an ounce while copper has recently been trading at $6855 per tonne, up over 23 per cent in 2017.
Shares in Peninsula were unchanged at 2.3c in morning trade valuing the company at around $10.4 million.