Metminco to focus on Miraflores first in Colombia
(MENAFN- ProactiveInvestors - Australia)
Metminco Ltd (LON:MNC ASX:MNC) will develop the Miraflores gold deposit first once it completes the acquisition of the Quinchia project in Colombia Bill Howe its managing director said.
Howe confirmed he expects the deal to complete next month and that it provided an excellent fit with its copper exploration that should generate early cashflow.
At Los Calatos in Peru Howe said while the most recent drill hole at the TD2 copper target did not return economic grades it pointed to a deeper seated porphyry system adjacent to the existing deposit.
Negotiations to find a partner at Los Calatos are continuing Howe said.
Cash at March was circa A$0.25mln but this has been bolstered by A$1.0(£0.5) mln funding.
Shares rose 3% to 0.2p.
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