Tertiary Minerals Shares Rise on Deal to Acquire Copper Licenses in Zambia.

Tertiary Minerals Shares Rise on Deal to Acquire Copper Licenses in Zambia.
Shares in Tertiary Minerals PLC jumped Monday after it entered into an option agreement with Mwashia Resources Ltd.
to acquire up to a 90% interest in five copper exploration licenses in Zambia.
Tertiary said its 96%-owned subsidiary Luangwa Minerals Ltd.
may earn an initial 51% stake in the 27069-HQ-LEL copper license by spending $50,000 on exploration in the year after environmental permits are approved, and will pay $30,000 to the license owner Mwashia on signing of the joint venture agreement.
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In addition, Luangwa may earn a total 90% interest by spending a further $100,000 over 18 months from signing the joint venture agreement.
Luangwa will initially pay $1,500 towards the costs of the environmental project brief, and $10,000 to Mwashia on approval of the permit.
Executive Chairman Patrick Cheetham said the deal is aimed at the Jack's license, but gives the company an exclusive six-month investigation period with the right to enter into option agreements on the same terms over a further four licenses.