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Metminco ties off Colombia gold deal

Published: 07:51 22 Jun 2016 BST

Picture of gold vein
RMB now holds 400mln shares in Metminco, a 10.3% stake

Copper and gold explorer Metminco Limited (LON:MNC) has completed the purchase of Minera Seafield, owner of the Quinchia licence in Colombia, from RMB Australia.

Metminco has issued 350mln shares to RMB and paid it A$165,000 for expenses incurred since talks on the deal got underway.

As a result, RMB now holds 400mln shares in Metminco, equivalent to 10.3% of the company.

The Miraflores deposit at Quinchia contains 1.88Moz gold and 3.8Moz silver and will be the first zone to be developed.

Metminco said it intends to use a previous feasibility study to optimise production from an open pit at an annual rate of 55,000oz.

Quinchia also has additional exploration targets including the potentially high grade Tesorito deposit, 800m away.

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