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US focused precious metals producer and exploration company Phoenix Copper Ltd has announced announce that it has entered into an earn-in agreement with First Cobalt Idaho, in respect of the Redcastle Cobalt property on the Idaho Cobalt Belt.
First Cobalt will pay US$50,000 and issue 200,000 unrestricted shares to Phoenix before completing two phases over a five-year period. Upon completion Pheonix and Cobalt will enter into a joint venture agreement.
Ryan McDermott, CEO of Phoenix Copper, said: 'First Cobalt has been drilling from surface and underground workings at Iron Creek since 2018. They are well-positioned to carry out exploration at our Redcastle property adjacent to Iron Creek with the expertise, staffing, and infrastructure already in place locally.
'This agreement will enable development of the Redcastle property to progress, at no cost to Phoenix, while we concentrate our efforts on our flagship Empire Mine in Custer County.'
At 1:56pm: (LON:PXC) share price was 0p at 40p