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Almonty Industries Inc. (TSXV:AII) signed an option agreement for a 51% interest, as well as to be the project operator, in the Valtreixal Tin-Tungsten project in North Western Spain, for Euro 1.4 million.
As quoted in the press releaase:
Almonty is required to make a Euro 100,000 payment on June 1, 2013 with the balance of funds due over the remaining 24 months should Almonty decide to continue with the project. Almonty also has the option to acquire the remaining 49% interest in the project for an additional Euro 2.0 million at the end of the 24 month period.
Almonty CEO Lewis Black said:
We are excited about the opportunity to add a second project to Almonty’s portfolio and believe that there is significant potential for Almonty to expand the historical estimate at Valtreixal through additional exploration activities.
Click here to read the Almonty Industries Inc. (TSXV:AII) press release
Click here to see the Almonty Industries Inc. (TSXV:AII) profile.