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Wednesday, 25th March 2009 (1031 views)

Almaden Minerals has revealed that it has signed a new option agreement with Antofagasta Minerals over the Tuligtic gold project in Mexico.

The deal, reached by Almaden and its Mexican subsidiary Minera Gavilan, will allow Antofagasta Minerals to earn a 75 per cent interested in the copper-gold prospect, located 21km north of Puebla.

Under the terms of the letter option agreement, Antofagasta is required to make a series of expenditures and payments in order to earn a 60 per cent interest in the project and it has the right to make a decision for the development of a mine on the property if it acquires a 75 per cent interest.

The Tuligtic gold project covers an area that includes intense sericite-quartz-pyrite alteration and stockwork veining and potassic alteration.

Based in Vancouver, British Columbia, Almaden Minerals is an exploration company specialising in new mineral projects.

Mining, transport and water distribution group Antofagasta is listed on the London Stock Exchange and part of the FTSE-100 index, with mining and exploration activities in Latin America, Asia and Africa.

 

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