StockMarketWire.com - Mining company Atalaya Mining said it had entered into a definitive purchase agreement to acquire the Masa Valverde polymetallic project located in Huelva, Spain through the acquisition of a Spanish company for €1.4 million.

Under the terms of the agreement, Atalaya would make an aggregate €1.4 million cash payment in two installments of approximately the same amount.

The first payment would be made when the mining permit is granted and the second when first production was achieved from the concessions, the company said.

Historic total inferred resources at the Masa Valverde showed deposits of 66Mt, and further infill drilling would 'commence shortly with the aim of upgrading current resources and providing the basis to complete scoping and pre-feasibility studies reports,' the company said.

'The proximity to our Riotinto operation ... and the experience gained during its development and construction, will be fundamental as we convert this project into a mine,' it added.




At 9:57am: [LON:ATYM] Atalaya Mining PLC share price was +3p at 175.5p



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