Columbus Energy Limited (CEL.V) announced that it is not proceeding with the acquisition of the El Paredon mineral deposit in Spain announced July 17, 2012, or the acquisition of the Calatrava deposit also in Spain, announced July 19, 2012.
Market conditions did not allow the projects to be financed, the company said in a statement.
Columbus said it is continuing to monitor progress and offer legal and technical support to Spolka Weglowa Jaworzno ( SWJ ), the wholly owned Polish subsidiary of Vesado Limited.
The company has a right of first refusal over all of the shares of Vesado, which, through SWJ, is involved in the process to access the remaining coal resource at the Jan Kanty coal mine in Upper Silesia.
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