Franco buys Metallica stake

Toronto-based Franco-Nevada Mining (FN-T) has acquired an additional 1.2 million shares of Metallica Resources (MR-T), boosting its equity stake to 3.4 million shares, or 12.76% of the Colorado-based junior.

Metallica recently reported encouraging drill results from the El Morro copper-gold project in north-central Chile (T.N.M. May 14-20/01). The project is a joint venture with Noranda (NOR-T).