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Wallbridge Mining Company Limited (TSX:WM,FWB:WC7) announced Lonmin Plc (LSE:LMI) will acquire interest in Wallbridge’s North Range platinum property.
Wallbridge Mining Company Limited (TSX:WM,FWB:WC7) announced Lonmin Plc (LSE:LMI) will acquire interest in Wallbridge’s North Range platinum property.
As quoted in the press release:
Under terms of a private placement subscription agreement dated June 6, 2007 and amendments thereafter, which provided $3.9 million of funding for the initial exploration of these properties, Lonmin has the right to elect to enter into a joint venture on any of the North Range properties upon its review of the report detailing the results of the exploration funded by this investment. Lonmin has indicated it wishes to exercise its right with respect to 14 of the North Range properties covering an area of 408 square kilometres.
Click here to read the Wallbridge Mining Company Limited (TSX:WM) press release.