PERU – Montreal-based DYNACOR has entered into an agreement to acquire a 100% interest in the Pasto Bueno tungsten mine from Minera Malaga Santolalla. The mine is located 830 km north of Lima.
Mining and milling began in 1939, eventually reaching a rate of 1,000 tonnes/day before operations ceased in 2003.
Dynacor has until Nov. 6, 2005, to complete due diligence and documentation of the property. The company will then become operator of the project and sole-owner for a total consideration of US$1.25 million. Another US$1 million is payable as royalties when the price of tungsten trioxide is more than US$80/tonne.
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