ENNEX shareholders have approved the £1 million acquisition of the privately-owned Oranmore Resources company.

The consideration includes 10 million new ordinary Ennex shares at 10p each or 1p above the last market price.

Addressing shareholders at an extraordinary general meeting of the company in Dublin yesterday, Ennex executive director Mr David Coyle said it was "reassuring" to see the 70 per cent rise in Ennex's share price since the venture was announced.

"We can now look forward to a period of dynamic growth for the company with our cash reserves being put to productive use" He said.

Oranmore is an Irish-based company registered in the Isle of Man. Its main exploration assets are a zinc and lead resource in Pakistan and gold prospecting interests in Pakistan and Tanzania.