Midnight Sun Mining Corp. (TSX-V: MMA, OTC: MDNGF, Forum) announced on Tuesday that
Rio Tinto Mining and Exploration Ltd. has delivered formal notice that it has completed the Initial Work Program phase of the earn-in and joint venture agreement on Midnight Sun’s Solwezi Licences by incurring project expenditures in excess of $3 million (USD) and are proceeding to Stage 1. Rio Tinto could earn a 51% interest in the Solwezi Licences by incurring a further $16 million (USD) of project expenditures within four years.
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The Solwezi Licences are comprised of two individual exploration licences totalling
506 square kilometres, situated in the North-Western Province of Zambia on the prolific Zambia-Congo Copper Belt and immediately adjacent to Africa's largest copper mining complex, the Kansanshi Mine under
First Quantum Minerals Limited. (TSX: FM).
FULL DISCLOSURE: Midnight Sun Mining Corp. is a client of Stockhouse Publishing.