- Metals exploration and development company Power Metal Resources's gold joint venture Red Rock Australasia has had a further seven of its license applications accepted and have been given highest ranking.

Power Metal Resources has a 49.9% interest in the venture, which has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria, Australia.

Red Rock Australasia will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented: 'Red Rock Australasia is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.'

At 9:05am: [LON:POW] share price was 0p at 1.8p

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