Hammer Metals Ltd has bought Chinalco Yunnan Copper's copper-gold tenement holdings in the Mount Isa region.
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The deal worth around $60,000 is for three outrightly owned tenement holdings and a 51% joint venture interest in EPM 14467 (under the Mt Frosty Joint Venture with Mount Isa Mines). CYU will receive 1,500,000 ordinary shares in Hammer Metals tradable on the ASX, except for a voluntary escrow restriction until October 2017.
Hammer’s managing director Paul Williams said consent was needed from Mount Isa Mines and financial close was expected to occur early in 2017.
“In the event that the Mount Isa Mines consent cannot be obtained, the sale will still proceed but on the basis that the 51% of EPM 14467 is excluded and the total purchase price is reduced to 1,250,000 ordinary HMX shares,” Mr Williams said.
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
