Rio Cristal Terminates Option Agreement to Acquire Peruvian Property; Shares Fall to New Yr Low

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Rio Cristal Resources Corporation (RCZ.V) has terminated its option agreement to acquire the Bongara zinc property in Northern Peru.

Thomas Findley, President and CEO said, "We are disappointed to drop the option to acquire the Bongara property but the lack of financing over an extended period of time in the Canadian and Peruvian equity markets leaves us no choice. The current option agreement includes significant payments which, with the carrying cost of the property, the company is unable to support. During the past twelve months we discussed the possibility of establishing a joint venture for the project with over a dozen companies but we were not successful in the current environment."



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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