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RNS Number : 3930R
02 November 2011
XSTRATA ZINC COMPLETES ACQUISITION OF
PALLAS GREEN EXPLORATION PROJECT
Toronto, 2 November 2011
Xstrata Zinc confirms it has completed its acquisition of Minco plc's interest in the Pallas Green exploration project, for US$19.4 million. Xstrata Zinc (76.4%) and Minco Plc (23.6%) had formerly entered into a joint venture agreement with respect to the Pallas Green project which is now terminated.
On 13 July 2011 Xstrata Zinc announced its agreement to acquire 100% control of the Pallas Green exploration project, subject to conditions, each of which has now been satisfied.
Pallas Green, a zinc-lead exploration project, is located in Limerick County, Ireland. The Pallas Green Licences consist of ten contiguous prospecting licences totalling 294 square kilometres located on the southern boundary of the Irish Midland Orefield between Limerick and Tipperary. Pallas Green has been the focus of an intensive exploration drilling programme as part of pre-feasibility studies towards the potential development of a major zinc-lead mine.
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