-News - Seems very promisinghttps://finance.yahoo.com/news/Pan-Terra-signs-exclusivity-cnw-3199921653.html?x=0
VANCOUVER, Dec. 7, 2011 /CNW/ - Pan Terra Industries Inc. ("Pan Terra" or the "Company") (TSX.V: PNT.V - News) is pleased to announce that it has entered into an exclusivity and confidentiality agreement with Manila Investments (PTY) Ltd. ("Manila"), and certain individuals in order to negotiate the acquisition of 80% of the issued and outstanding common shares of Manila, a private company incorporated under the laws of Namibia, Africa.
Manila's principal asset is the agreement made in October 2011 among Manila, Grove Mining Namibia (Proprietary) Limited and others in respect of acquisition of the Kombat Mine and related assets, including all mining surface infrastructure and equipment, prospecting licenses, and intellectual property related thereto. The Kombat mine was placed on care and maintenance in 2008. Pan Terra is attracted to the findings in recent independent reports showing robust economic potential to extract known copper, lead and silver resources from within the existing mine workings. Pan Terra also forms the opinion that there exists excellent exploration potential to discover new zones of copper, lead and silver within the land package and a possibility to extract significant manganese resources not previously evaluated by historical owners.
Manila is in talks with Epangelo Mining Company (Pty) Ltd (fully owned by the Government of the Republic of Namibia) with a primary objective to enter into a strategic partnership and to jointly reactivate the Kombat project into an operational mining facility while providing jobs and beneficiation for both the local community and Namibia.
Pan Terra has accelerated its due diligence investigations during the exclusivity period and will provide an update on the status of the acquisition negotiations in due course.