Canadian Mining Journal

News

LEAD-ZINC: Osisko takes $15.6M NSR in base metals mine



ARIZONA – Osisko Gold Royalties of Montreal is investing in a 1% net smelter royalty on lead, zinc and silver produced at Arizona Mining’s Hermosa advanced exploration project about 80 km southeast of Tucson.

Osisko is paying US$10.0 million for the NSR. The company and certain of its insiders are also purchasing 9.99 million units of Arizona Mining at US$0.56 per unit for gross proceeds of $5.59 million.

Arizona will use the US$15.6 million raised, along with the US$2.8 million from a recent private placement, to drill the Taylor deposit at the Hermosa property.

Please see www.ArizonaMining.com for a discussion of the geology at Hermosa.