24/01/2007
Mineral prospector Albidon has signed an earn-in agreement over Tunisian zinc projects with Aussie group Zinifex.
Under the agreement, AIM-quoted Albidon, itself based Down Under, is to receive the equivalent of £500,000 over 12 months from Melbourne-based Zinifex, starting with a first tranche of £125,000. This is part of a minimum £650,000 that the two companies are committed to spend on zinc and lead projects in Tunisia, including the Nefza tenements, which also hosts copper and gold targets.
Zinifex also has an option to earn 51 per cent of the development by spending £3 million within three years and can afterwards take that to 70 per cent by spending another £2.5 million within two years. Albidon shares, recommended by Growth Company Investor last May at 37p, are 3.5p up today at 73.5p and should go further, though the cautious might consider partial profit-taking.
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