Prairie Mining Ltd - Poland-focused coal development firm - Enters earn-in deal with Greenfields Exploration Ltd to buy up to 80% interest in the Arctic Rift Copper project in Greenland. Prairie will earn the interest by spending AUD3.5 million on the project within three years to earn a 51% stake, a further AUD3.5 million within four years for a further 19% interest - taking total to 70% - and then another AUD3.0 million within five years to take the total interest to 80%.
"The ARC project marks Prairie's first move into the energy metals space," says Chief Executive Ben Stoikovich.
Prairie says the Arctic Rift site offers a "significant, large-scale project", with historical exploration results indicative of an extensive mineral system and with the "potential to host world-class copper deposits".
Current stock price: 17.90 pence, up 12% Wednesday
Year-to-date change: up 63%
By Will Paige; willpaige@alliancenews.com
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