Business
Zincore and Mines & Metals Trading (Peru) Provide Update on Business Combination and Announce Additional Property Acquisition
VANCOUVER, BC / ACCESSWIRE / March 12, 2020 / Zincore Metals Inc. (NEX:ZNC.H) (" Zincore "...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Zincore and Mines & Metals Trading (Peru) Provide Update on Business Combination and Announce Additional Property AcquisitionVANCOUVER, BC / ACCESSWIRE / March 12, 2020 / Zincore Metals Inc. (NEX:ZNC.H) (\"Zincore\" or the \"Company\") is pleased to provide an update on the business combination and reverse takeover (the \"Transaction\" and \"RTO\", respectively) of Zincore by Mines & Metals Trading (Peru) PLC (\"MMTP\"), as originally announced January 21, 2019. The Company has now been informed by MMTP that the Transaction is expected to close in the second quarter of 2020. The Company also reports that MMTP has acquired an additional property package near its Recuperada silver lead-zinc mine and processing plant, located in Huancavelica, Peru, from Peruvian Metals, a Canadian processing and mineral exploration company.MMTP President and CEO, José María García commented, \"With this acquisition we will increase the potential resources for our currently producing Recuperada processing facility. As importantly, we will further consolidate and strengthen our position as one of only two polymetallic processing facilities in the Huachocolpa Mining District\".MMTP is acquiring Peruvian's Metals 100% owned subsidiary, Corongo Exploraciónes, (\"Corongo\") which holds concessions totaling 2420 hectares located in the Huachocolpa Mining District in South-Central Peru. The Huachocolpa Mining District is host to several producing and past-producing vein-hosted polymetallic, base metal (silver-zinc-lead-copper plus or minus gold) mines. Polymetallic mining and milling continue to be the dominant formal economic activity in the district with Compañia Minera Kolpa S.A and MMTP's Recuperada Mill being the two largest operations currently in production in the area. With the Corongo acquisition, MMTP will now control a large land package totaling in excess of 15,000 hectares with many of the acquired Peruvian Metals' concessions being contiguous with MMTP concessions.In exchange for Corongo and its concessions, Peruvian Metals will receive US$200,000 from MMTP and 45,008 shares of MMTP valued at C$17.33 per share or an aggregate of C$780,000. Upon completion of the RTO with Zincore, each share of MMTP will be exchanged for approximately 73.2 Zincore shares and Peruvian Metals will receive approximately 3,294,54...