Shares in European Lithium Ltd (ASX: EUR) have risen 40% in today's trading session after the company made an announcement regarding its wholly owned Wolfsberg Lithium project.
The company has announced that it has finalised the appointment of its consultants for a pre-feasibility study of its Austrian lithium project. The pre-feasibility study is fully funded following a placement that raised $2.3 million at 5 cents per share in October and is projected for completion by Q1 2018.
Management expects that construction of the lithium project could start by Q1 2019 with production of lithium carbonate/hydroxide for battery factories beginning as early as 2020.
The stock soared to new 52-week highs of 10.5 cents this morning before retreating to close at 9.5 cents on heavy volume of 18 million shares. The company now has a market capitalisation of approximately $38 million and is also listed on the Frankfurt and Vienna exchanges which should provide for an intriguing overnight trading session following the close of the Australian market.