Longford Resources/American Manganese Joint Venture to Proceed on Hazelton High Grade Cobalt Gold Project
Vancouver, British Columbia (FSCwire) - Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc., (TSX.V:AMY; Pink Sheets: AMYZF; Frankfurt: 2AM) (“AMI” or the “Company”) is pleased to announce that Longford Resources (“Longford”), having successfully completed due diligence on the high-grade Hazelton Cobalt-Copper-Gold Project at New Hazelton, British Columbia, Canada will exercise its right to earn an initial 60% interest in the Project from AMI.
Highlights
? Longford satisfactorily completed due diligence on the high-grade Hazelton Cobalt-Copper-Gold Project in British Columbia, Canada
? The Hazelton Project includes 3 historic mines:
? Victoria Mine - Where metal grades averaged 123.4 g/t gold and 2.8% cobalt
? Rocher Deboule Mine - Where metal grades averaged 5.9% copper and 2.9 g/t gold
? Highland Boy Mine - Where metal grades averaged 7.0% copper and 1.8 g/t gold
Longford believes there is considerable exploration upside at the Project, and having completed the due diligence to its satisfaction, it has:
Paid AMI (CDN)$10,000; and
Issued AMI 50,000 shares in Longford to maintain its right to earn an initial 60% interest in the Project. To achieve this Longford is required to: Expend (CDN)$2,000,000 on the Project over 4 years; with annual option payments of (CDN)$10,000 and 50,000 shares due to AMI annually over the next 4 years.
According to AMI CEO Larry W. Reaugh, “commencing next summer, Longford will be advancing the Hazelton high grade prospects especially for cobalt/copper/gold in the field with a solid four-year plan. The Longford agreement allows AMI to realize value from its Hazelton holdings, while allowing the Company to maintain its core focus on our promising battery materials recycling work, and extend our patented process to the recovery of additional rare metals and minerals.”
