Namibian eyes Hambok
25th Jan 2012
PERTH, Jan 25 – Namibian Copper is set to acquire the Hambok copper-zinc project and a large exploration area in western Eritrea through the purchase of Canadian company Sanu Resources Inc.
Namibian Copper will issue 50M shares – equivalent to 40% of its equity and worth about A$11.25M at the current share price – to Sanu’s parent company, NGEx Resources Inc. In addition, a cash payment of US$7.5M upon the commencement of commercial mining. The deal is subject to shareholder approval.
Hambok, within the Mogoraib River Exploration Licence, is a near-surface resource containing an NI 43-101-compliant 550M pounds of copper and 1.2B lb of zinc.
The land package also includes the Kerkebet River Exploration Licence, which contains a recent gold-rich discovery at the Aradaib prospect and excellent exploration potential.
Sanu is undertaking a 45-hole, 20,000m infill drilling program at Hambok aimed for a preliminary feasibility study by 2013.
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