Riedel executes Joint Venture Agreement to acquire an interest...

Riedel executes Joint Venture Agreement to acquire an interest of up to 100% in the Cármenes Project in Northern Spain.
ü The Cármenes Project covers historic high grade cobalt (Co), copper (Cu), nickel (Ni) and gold (Au) mines. ü Historical mining at the La Profunda Mine produced 100,000 tonnes of ore for 38,000 tonnes of high grade concentrate.
ü The ore was treated at the nearby Villamanin plant, producing concentrate streams that achieved the following exceptional grades: o Dual concentrate streams. § Cobalt concentrate – 14% Co plus 4% Ni and 5-6% Cu. § Copper concentrate – 33% Cu plus 1% Ni. o Single concentrate stream. § 4% Co and 20% Cu. ü Subsequent discovery and development of the nearby Divinia Providencia Mine produced similar grades to those at La Profunda.
ü Excellent geological potential for the discovery of additional deposits with 95% of the Project area untested using modern exploration techniques. ü Numerous high-priority and drill ready targets already identified. ü Strategically located near established infrastructure for project development.
ü Low sovereign risk mining jurisdiction and responsible source of cobalt supply.
ü No upfront payments or dilutive vend. Highly favourable acquisition terms as consideration for 90% project interest is by exploration/development expenditure only.