"The company ... is formally initiating a strategic review of [Kena]"
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President and CEO Michael McPhie said with the increased interest in copper and other metals used in sustainable energy sources, the company believed Manto Negro stood out "as a unique opportunity to create value" for shareholders.
"The company is also considering options for the future of the Kena gold project and is formally initiating a strategic review of this valuable consolidated land package in south-eastern British Columbia," he said.
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However as recently as its latest MD&A released on February 6, Prize had said the Manto Negro acquisition "in no way diminishes Prize's expectations and excitement on the Kena/Daylight gold project in BC".
Prize had reported phase one drilling results of 6m at 1.29% copper and 1.05m at 3.23% copper at Manto Negro last month.
A cease trade order from the BC Securities Commission was lifted in February when the company finally filed its financial statements for the year to August 31.
Three of the company's directors, including executive chairman Feisal Somji, resigned in late December and the company had appointed Dallas Pretty to the board, who resigned four days later "when it became clear" the company would not filed its financial statements by the December 31 deadline.
Pretty was reappointed to the board on February 23.
Prize reported working capital of C$2.18 million (US$1.6 million) at the end of November, having closed the final tranche of a private placement in October raising $592,450 at 17c per share.
Its shares, worth 27c a year ago, hit a 52-week low yesterday of 2.5c and closed at 3c to capitalise it at $3.7 million.