Precious metals company Conquest Mining Ltd (ASX:CQT) has inked a deal to sell its Baal Gammon and Herberton base metals tenements in North Queensland to Monto Minerals Ltd (ASX:MOO) for a minimum 24.4 per cent stake in the company.
Conquest will receive from Monto $1.5 million, 300 million shares and 150 million options in the company, and an extra of $1.5 million upon a decision to mine the Baal Gammon copper project, with the deal still subject to shareholder and regulatory approvals.
At the end of last week, Conquest Mining also advised that it has suffered no property damage at any of its Queensland operations as a result of Cyclone Yasi in the state.
For the year ended 30 June 2010, Conquest Mining posted a net loss of $3.7 million.
CQT Price at posting:
55.0¢ Sentiment: None Disclosure: Held
