The company has retained the Kälen licence in Västerbotten although it is due to expire in January and there is currently no intention to renew it.

The status of the company's licences in Ireland, Scotland and Mauritania remain unchanged.

The company says it continues to seek additional funding to advance its exploration projects.

In the meantime, it has secured various loan facilities from directors and other parties for a total of £100,000 to enable it to meet its ongoing requirements.

These loan facilities - which can be utilised from today (22 December) - are unsecured and carry a fixed rate of interest of 15% per annum.

They shall remain available for draw-down until 30 June 2011, when all outstanding amounts shall be repaid.

Story provided by Business Financial Newswire