Vancouver-based Redfern Resources (TSE) has agreed, subject to regulatory approval, to issue 26,316 shares at $3.80 each to Calgary exploration company Comstate Resources (TSE).
Redfern said it expects to raise $100,000 and proceeds will be spent on exploration at the Tulsequah Chief zinc-copper massive sulphide property in northwestern British Columbia.
Redfern has an option to acquire Cominco’s (TSE) 60% stake in Tulsequah Chief where preliminary reserves stand at eight million tons grading 1.55% copper, 1.23% lead, 6.81% zinc, 0.08 oz. gold and 3.19 oz. silver per ton.
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