3 Minco Plc has announced that, through its wholly owned subsidiary, Centrerock Mining, it has entered into an agreement with Mountain Lake Minerals to acquire the Bobbys Pond Property which hosts a zinc-copper-lead deposit located adjacent to Minco's 100% owned Buchans properties in central Newfoundland.
Under the terms of the agreement, and subject to regulatory approval, Centrerock will acquire a 75% interest in the Bobbys Pond property for a cash payment of CDN$450,000 and a 1% net smelter return royalty ("NSR") on commercial production in favor of Mountain Lake.
At 12:49pm: (LON:MIO) Minco share price was 0p at 2.25p