Following a due diligence review, Queenstake Resources (TSE) has opted to drop its option to acquire an interest in the Kenjetal copper project in Kazakhstan.
The company determined that although the solvent extraction-electrowinning project could be economical, the risk of being unable to complete construction on schedule and within budget is too great.
Queenstake is now evaluating other potential project acquisitions.
As of June 30, Queenstake had a working capital of $4.9 million and about 20 million shares outstanding.
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