Pan Global Resources Inc (TSXV:PGZ) announced that it has obtained approval for 7 exploration license renewal held by Lithium Li in Serbia with 3 more pending licenses to be approved, which will allow the company to extend the duration of exploration to 3 years up to 7 years.
As quoted in the press release:
Julian Bavin, President and CEO of Pan Global stated: “We are extremely pleased to be resetting the clock on these exploration licences in Serbia through this process of licence renewal, which has come about as a result of a very welcome change in Serbia’s mining law. While this has resulted in a slight delay to TSXV approval of our acquisition of LithiumLi, we expect to submit all the relevant documentation including NI43-101 reports, immediately after the last licence renewals are approved, and get TSXV approval soon after. In the meantime we have been concentrating our efforts on the Lopare license in Bosnia, where we have completed 3 stratigraphic drill holes, for which assays are awaited. As soon as the Valjevo licence renewal is approved we will continue drill testing of this high priority licence where our 9 holes to date have indicated an unusually extensive occurrence of borate mineralisation of significant grade and width.