Mukuba Resources signs acquisition agreement to consolidate the Cominex Copper Project in the DRC
Tuesday, Jan 22, 2013Mukuba Resources Limited ("Mukuba") (TSX VENTURE:MKU) is pleased to announce that it has signed a definitive acquisition agreement (the "Acquisition Agreement") with Benzu Resources Limited ("Benzu Resources") dated January 16, 2013. Pursuant to the Acquisition Agreement and subject to a number of conditions, Mukuba will acquire all of the copper assets held by Benzu Resources in the Katanga Copper Belt of the Democratic Republic of Congo ("DRC") in return for Mukuba shares that will be issued directly to certain shareholders of Benzu Resources. Benzu Resources is Mukuba's joint venture partner at the Cominex Project in the DRC.
The Cominex Project is adjacent to the eastern boundary of the Tenke-Fungurume Copper/Cobalt Mine operated by Freeport-McMoRan Gold and Copper and owned by Freeport, Lundin Mining and the DRC Government via the state-owned mining company Gecamines. Among other assets, Mukuba and Benzu Resources respectively hold 23.8% and 46.2% indirect interests in the Cominex Project, via their 34% and 66% (respectively) ownership in the joint venture company Benzu Copper DRC Incorporated ("BCI").
For a summary of the exploration progress at the Cominex Project, please see Mukuba's press release dated 19 November 2012. Mukuba will provide additional technical information and expects to file a geological report in respect of the Cominex Project in the near future.