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Acquisition of Pallas Green project completed

Date : 11/02/2011 @ 1:00PM
Source : UK Regulatory (RNS & others)
Stock : Minco (MIO)
Quote : 2.125  0.0 (0.00%) @ 2:54AM
Minco share price Chart

Acquisition of Pallas Green project completed

TIDMXTA TIDMMIO

RNS Number : 3930R

Xstrata PLC

02 November 2011

NEWS RELEASE

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.

Ends

Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the company's website is incorporated into, or forms part of, this announcement

Xstrata contacts

 
 Louis-Philippe Gariepy                Alison Flynn 
  Telephone +1 (514) 645-2311,          Telephone: +44 20 7968 2838 
  ext. 2162                             Mobile: +44 7769 314374 
  Email : lgariepy@xstratacopper.com    Email: aflynn@xstrata.com 
 

Ends

Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the company's website incorporated into, or forms part of, this announcement

This information is provided by RNS

The company news service from the London Stock Exchange

END

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