Empire Mining Corp. (EPC.V) announced a JV agreement with First Quantum Minerals Ltd. today whereby First Quantum can earn a 51% interest in the Bursa copper project by paying $1.5M in cash and incurring $8.5M in exploration expenditures over 3 years. First Quantum will also subscribe for $1.5M in a new private placement at C$0.10/share.
We are very happy with this development, as First Quantum will pay the first $8.5M in exploration expenditures. Empire’s cash position will increase to around $3M after closing the deal and placement, and is in a good shape for near futures.
Disclosure: The author holds a long position in Empire Mining Corp. Please see our disclaimer for current positions.