Exploring New Frontiers
London 30 December 2019 - Sumo Resources Plc Business Update
It is with pleasure that we provide an update of the business activities of Sumo Resources over the past months.
The past year has been a challenging one for the company on many fronts. Progress has been slow. We have not been successful in attracting funding for development. This is mainly due to the current low share price. Sumo Resources Plc was approached during the past month as a reverse takeover target. However, the board decided after consultation to decline the offer as it would not have been in the interest of our shareholders.
SR Tanmin Exploration Operations
We are in process with the development of geological desk studies for PR 13337 and PR 13335. These are off-site geological surveys aimed at identifying targets in each concession for next level of exploration. We expect these to be completed in the next year. Work for the other six concessions has not started due to a lack of funding.
SR Tanmin Maniema Trading Operations
The company has suspended trading operations to minimize financial losses. As reported before the main contributing factors are the lack of constant supply and adherence to contractual agreements by local producers and co-operatives.
The development of the business is dependent on its ability to attract investment to further develop the exploration programs. The operational losses have been minimized and the business remains debt free. This ensures that the business remains operational. e continue to search for an explore options for funding via partnerships or joint ventures and will provide updates when there is progress.
We would like to thank our shareholders for their continued support.