Business
Rathdowney options Mallow property in Ireland to Antofagasta
VANCOUVER, July 3, 2012 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Company") (...
About this update from Rathdowney Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, July 3, 2012 /CNW/ - Rathdowney Resources Ltd. (\"Rathdowney\"\n or the \"Company\") (TSXV: RTH) announces that it has optioned the Mallow\n Zinc-Lead Project to Antofagasta Minerals S.A., a wholly owned\n subsidiary of Antofagasta plc (\"Antofagasta\").  The 337-square\n kilometer Mallow property is located south of the Pallas Green mineral\n district in Ireland.\n\n\nAntofagasta can earn up to a 75% interest in the Mallow Project by\n spending $250,000 in the first 12 months and then exercising two\n options.  Under the First Option, Antofagasta can earn a 51% interest\n by incurring US$3 million in expenditures on the property within three\n years.  Antofagasta can exercise the Second Option and increase its\n interest in the Mallow Project to 75% by making a further US$3 million\n in expenditures over the subsequent three years. On exercise of the\n First Option, the companies would form a joint venture, and once\n Antofagasta either earns a 75% interest or elects not to exercise the\n Second Option, the companies will contribute to ongoing exploration of\n the project in proportion to their held interests, or dilute.  If\n either party's interest dilutes to less than 10%, then its interest\n would convert to a 1.5% Net Smelter Return royalty.\n\n\nPresident and CEO John Barry said \"We are pleased to have completed this\n agreement with Antofagasta, which will provide funding for ongoing\n exploration at Mallow.  It also enables to the Company to focus its\n efforts on further advancing its Olza Zinc-Lead Project in Poland.\"\n\n\nAbout Rathdowney\n\n\nRathdowney Resources Ltd. is a mineral exploration company focused on\n finding and developing the next generation of zinc-lead-silver deposits\n in the ore fields of Poland and Ireland. The Company's Project Olza in\n Poland lies in the prolific Upper Silesian Mineral District where\n zinc-lead production has been underway since the 12th century.  The Company's other property-holdings include Galway, Laois\n and Westmeath South, which were identified as its primary areas of\n focus in Ireland following drilling in 2011.\n\n\nRathdowney is associated with Hunter Dickinson Inc. (\"HDI\") a\n diversified, global mine development company with a 25-year history of\n mineral development success. From its head office in Vancouver...