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News: Metminco making progress on potential purchase

  1. Metminco (ASX:MNC, LON:MNC) says it has made "considerable progress" on the possible acquisition of a near term cash flow project in South America.

    It expects an updated mineral resource for the Los Calatos copper project in Peru to be completed in March this year, it added.

    In a quarterly activities report, William Howe, managing director, said: "We have made considerable progress with respect to acquisition of a near term cash flow project and are hopeful that one of the transactions we are negotiating will be crystallised in due course.

    "The recently completed comprehensive re-logging program at Los Calatos will provide the basis for assessing the potential of the Los Calatos project to deliver a more robust and cost efficient mining operation that focuses initially on the high grade zones developed within the porphyry complex."

    Meanwhile, at the Mollacas project in Chile, a decision is pending on access to mining from the Chilean Constitutional Tribunal.

    "The Tribunal has received all submissions and is deliberating, with a decision anticipated to be handed down shortly," Howe said.

    During the three months to Dec 31 last year, Metminco said it had raised A$546,000 through the funding facility with Bergen and its cash position at the end of the year was around A$1.2 million (US$1 mln).

    Metminco shares eased 7.59% to 0.365p.

     

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