Selwyn Resources is closer to getting permission to rehabilitate an existing all-weather road to its Selwyn project in Yukon. Selwyn has received notice from the Mackenzie Valley Land and Water Board that it intends to issue the required Land Use Permit and Water Licence required to commence the rehabilitation and use of the existing all-weather road that joins with the Nahanni Range road and thence to the Robert Campbell Highway.
The company continues its 2008 exploration programme at Selwyn. The work includes a 2,500-metre drill programme intended to identify additional high-grade mineralisation along the 24-kilometre corridor running northwesterly from the XY Central deposit to the Anniv Central deposit.
Objective's view:
We continue to view developments at Selwyn as supportive of our base-case valuation of the project. Given the large scale of the project and the unsettled financial markets, Selwyn believes its best approach to develop Selwyn is to work with a strategic partner. The company is actively soliciting such a partner. Selwyn Resources raised sufficient cash through equity sales in recent months to support its current drill plans and modest development undertakings.
