Prairie Mining (ASX:PDZ) has received $500,000 from Marindi Metals as part of the acquisition of the Newman Base Metal Project in Western Australia.
Marindi is earning a 100% interest in the project by making this Payment and issuing a further A$1 million in cash or shares to Prairie Mining, at Marindi’s election, by September 2016.
Brumby Resources (ASX:BMY) is currently acquiring Marindi for 250 million shares and 25 million options.
Newman, which comprises the Prairie Zinc Deposit and the emerging Wolf Base Metal Prospect will be the key focus of Brumby/Marindi.
Prairie will retain significant upside in any future project success in the form of a 2.5% Net Smelter Royalty.
It is completing a Pre-Feasibility Study for the Lublin Coal Project in Poland, which is due in mid-2015.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.
