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First Mining Finance Signs Option Agreement With Penoles
Nov. 20, 2015 09:05AM PST
Base Metals Investing First Mining Finance (TSXV:FF) has signed an option agreement with Exploraciones Mineras Peñoles, S.A. de C.V., an indirect Mexican subsidiary of Industrias Peñoles S.A.B. de C.V., regarding First Mining’s Puertecitos and Los Tamales copper properties in Mexico.
First Mining Finance (TSXV:FF) has signed an option agreement with Exploraciones Mineras Peñoles, S.A. de C.V., an indirect Mexican subsidiary of Industrias Peñoles S.A.B. de C.V., regarding First Mining’s Puertecitos and Los Tamales copper properties in Mexico.
As quoted in the press release:
The region hosts large copper-molybdenum porphyry deposits, such as at the world-class Cananea and La Caridad copper mines. All dollar amounts included in this news release are expressed in U.S. dollars.
Peñoles has a market capitalization of approximately $4.8 billion and is a Mexican conglomerate involved in the extraction, smelting and refining of non-ferrous metals as well as the production of chemicals.
First Mining Finance Chairman, Keith Neumeyer, said:
The signing of this agreement is an important first step in executing on our mineral bank’s business model of monetizing assets in our portfolio by entering into agreements with major mining companies that move the projects forward while First Mining retains residual interests in the properties. This is an early example of one way we intend to unlock value for our shareholders.