- Mining group Power Metal Resources said it had acquired a 50% interest in a portfolio of base and strategic metal project interests in Botswana from Kavango resources.

The assets would be held in a new strategic joint venture between the two companies.

Power Metal would pay Kavango £75k in cash plus 6m Power Metal shares at 1.25p each.

The consideration also included 5m Power Metal warrants at 2p with a two-year life to expiry and, in the event of early exercise of the 2p warrants, replacement warrants at 5p.

Power Metal also had committed to the sole funding of $150k over a two-year period for exploration expenditure across the Ditau Camp and Kalahari Copper Belt projects.

Any further expenditure above would befunded jointly by Power Metal and Kavango.

The assets included two licenses prospective for copper and covering situated in the Kalahari Copper Belt in central west Botswana located directly to the southwest of Sandfire Resources' T3 and A4 Dome copper-silver discoveries.

They also included two further licenses comprise the Ditau Camp project covering prospective for rare earths in south west Botswana.

At 9:02am:

[LON:KAV] Kavango Resources Plc Ord 0.1p share price was +0.1p at 2.5p

[LON:POW] share price was +0.05p at 1.2p

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