Moly Mines (TSX:MOL, StockForum), a Toronto-based firm engaged in the mining, exploration and development of mineral resources, announced today that the company had missed a six-month window set out by the ASX to prove sufficient operational activity after the company disposed its main undertaking, Spinifex Ridge Iron Ore Mine.
According to the news release, “the Board advises that it is likely that trading in the shares of the Company will be suspended by the ASX from 22 April 2014. Moly will remain an ASX listed entity and provided it is able to recommence operations of a level adequate to justify, in the opinion of the ASX, quotation of Moly's securities in the future, Moly will be able to again seek quotation of its shares.”
Company Chairman, Nelson Chen, commented, “Cash is king and patience is a virtue. We are very well positioned in the market to go for quality projects in accordance with our strategy. Every effort will be made to ensure we secure key assets best suited to the future growth profile of the Company.”