American Pacific regains 100% interest in Madison Mine project
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
American Pacific Mining Corp. has announced that Kennecott Exploration Company, a subsidiary of the Rio Tinto Group, in collaboration with American Pacific, has agreed to discontinue the 11-yr Madison earn-in agreement to acquire a 70% interest in American Pacific’s Madison Mine Project.
American Pacific would like to thank the regional Kennecott team for its collaborative approach at Madison over the years. The company has regained 100% ownership and control of Madison, which now becomes the company’s lead solely owned property.
Warwick Smith, American Pacific’s Chief Executive Officer, stated:
“I’d like to start by emphasising what an excellent partner Rio Tinto has been. We would have naturally liked to see the partnership continue with Rio funding exploration more aggressively, but given the dynamics of the underlying option term and Rio’s broader corporate priorities, regaining 100% control of the Madison Project is a positive development, as it provides American Pacific with an excellent opportunity to advance the Project more rapidly with shareholders now having 100% exposure to new drill results and Project success. We recently collaborated to define a series of shallow priority targets and have a permitted drill programme targeting high-grade copper and gold that American Pacific plans to commence as soon as weather permits.”
Read the article online at: https://www.globalminingreview.com/mining/06022024/american-pacific-regains-100-interest-in-madison-copper-gold-project/
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