LONDON (Alliance News) - Alexander Mining PLC Monday said it has signed an option agreement with an unnamed mid-tier mining company regarding its AmmLeach zinc processing technology.
The option agreement gives the mining company an exclusive three-month option period to complete due diligence on the product.
The company has given Alexander Mining a cash payment of USD360,000 and would pay a further USD120,000 per month should the option agreement be extended beyond the initial three months.
"The option agreement signed with a highly regarded mid-tier mining group represents a major development towards the potential establishment of an AmmLeach zinc oxide processing plant," said Alexander Chief Executive Martin Rosser.
"The option holder is a multi-commodity mining company with exploration, development and operational experience. We look forward to working closely together during the option period," Rosser added.
Alexander Mining shares were up 14% to 2.98 pence on the back of the deal Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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