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UPDATE: Magma Metals to Spin-Out its West Australian Gold Projects; Shares Jump 10%

Magma Metals Limited (MMW.TO) jumped 10% after touching year low 10 cents at today's open, as the company announce that it intends to spin-out its West Australian gold projects in a new gold focused exploration company, to be named Greenstone Metals Limited, subject to completion of commercial and legal agreements and relevant approvals.

The company said its decision to transfer its Lake Grace, Griffins Find, Laura River, Roe and Mt Jewell projects to Greenstone will allow the Company to focus all its resources on progressing the Thunder Bay North platinum-palladium-copper-nickel project in Ontario towards development.

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

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