Colossus Minerals Inc.(TSX:CSI) announced the acquisition of the Cutia Property in the State of Pará, Brazil.The first payment for the acquisition of USD $0.2 million was made in December 2011.

Details of the agreement include:

• Colossus will be the sole operator and will have full discretion over activities of the new company formed to hold the mineral rights including designing and conducting the exploration program, submissions and applications to the DNPM, and determining whether to extend the exploration permit beyond its current expiry date in September 2013.
• Colossus is obligated to spend R$5 million (USD $2.8 million) in exploration expenditures between the date of the agreement and the expiration of the exploration permit.
• Colossus is responsible for preparing a mineral reserve statement within two years of the expiration of the exploration permit (to be extended if Colossus decides to extend the permit).

Click here to read the Colossus Minerals Inc. (TSX:CSI) press release
Click here to see the Colossus Minerals Inc. (TSX:CSI) profile.

Comment

Tweet