Excalibur Looks to Acquire Interest in Manganese Deposit in Zambia

Mining Weekly reported that Excalibur Mining (ASX:EXM) has its eye on a manganese deposit located in Zambia and is looking to partner with Pinto Minerals to get access to it.

As quoted in the market news:

The ASX-listed junior reported on Thursday that the company would partner with Pinto Minerals to acquire a 75 percent shareholding in Maybach Mining Services, which holds the early stage production asset. In exchange for its 50 percent interest in Maybach, with Pinto holding the remaining 25 percent interest, Excalibur would issue 10-million of its own shares and would provide a $250 000 convertible note fund to Maybach by the end of August this year, to fund the expansion of production at the Zambian asset.

Excalibur would also provide additional convertible notes of $350 00 by the end of February next year, to further expand production. Once Maybach had achieved an earnings before interest, taxes, depreciation and amortisation (Ebitda) of $1-million over a 12-month period, Excalibur and Pinta would make a $300 000 milestone payment.

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