Miner and explorer Cambridge Mineral Resources is optimistic about Peruvian prospects after ‘joint venturing’ its Bulgarian interests.

As foreshadowed by Growth Company Investor, the AIM-quoted company has agreed an earn-in agreement with hefty US private group Electrum, which is to spend £1.1 million over the next five years in return for an 80 per cent stake in the exploration permits held by the company in Bulgaria. Advisers say that managing director Colin Andrews now has higher expectations for more recently acquired Peruvian interests.

Floated at 16p in 1997 under different management, Cambridge fell to 11.75p three years ago before slumping to today’s 2.50p. Recovery depends on the success of Andrews’ new ventures.

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