RUSSIA - Vancouver-based CENTRASIA MINING has signed a share purchase agreement to acquire 100% interest in three nickel-copper sulphide properties, 180 km west of Murmansk on the Kola Peninsula. The deal covers an initial payment of US$6.0 million plus the issuance of an additional 12.5 million Centrasia shares. The Canadian company will make additional payments of US$5.0 million in 2008 and US$1.5 million in 2009. The transaction is subject to various conditions including the completion of a NI 43-101-compliant report.
One of the deposits is in the advanced exploration stage. Using a nickel cutoff of 0.4% and following Russian reporting rules, that deposit contains approximately 42.7 million tonnes averaging 0.49% Ni and 0.20% Cu.
Centrasia holds three other precious metals properties in Kyrgyzstan. Learn more (and admire the photos) at www.CentrasiaMining.com.