Xstrata Unit Completes C$50 Million Acquisition Of Canadian Zinc Prospects

- October 4th, 2011

Fox Business reported that Xstrata PLC (LON:XTA) has closed its acquisition of the Hackett River and Wishbone exploration properties, Canada, from Sabina Gold & Silver Corp.(TSX) for a cash consideration of C$50 million.

Fox Business reported that Xstrata PLC (LON:XTA) has closed its acquisition of the Hackett River and Wishbone exploration properties, Canada, from Sabina Gold & Silver Corp.(TSX) for a cash consideration of C$50 million.

As quoted in the market news:

MAIN FACTS:

-Under the terms of the agreement, Xstrata will commit a further C$50 million towards exploration on the properties within four years of the transaction’s completion and Xstrata will pay Sabina a royalty on silver produced from the properties.

-The Hackett River property comprises nine mineral leases totaling 12,250 hectares.

-The Wishbone area comprises 132 mineral claims covering 107,227 hectares.

-Exploration drilling in Hackett River has confirmed an NI 43-101 compliant resource of circa 60 million tons of ore containing zinc, silver, copper, lead and gold, with 5.2 million tons of zinc equivalent, housed within four proximal near surface deposits amenable to open pit mining.

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