Metalex Ventures Ltd. (MTX.V) announced the signing of the earn-in agreement with Dundee Corporation, whereby Dundee or its designate can earn up to a 51% interest in the U2 and T1 kimberlite pipes through a four stage investment of up to $51 million.
U2 Profile
The U2 kimberlite pipe is a highly prospective diamond development project located in the James Bay Lowlands of Ontario, near De Beers' Victor Mine. Diamonds recovered from the U2 pipe are of exceptional quality - with 88.8% by weight of the +1.7mm diamonds being white and 1.1% being colored. The large size of the U2 pipe shows the potential to host a substantial tonnage.
Currently the Project is awaiting two key permits which will allow the construction of 60 kilometers of winter road from the Victor Mine site across to the U2 project. Though the applications were submitted to the Ministry of Natural Resources in Cochrane for these permits on January 30, 2012 and March 26, 2012 the permits have yet to be received. With the winter road season rapidly coming to an end it is highly probable that the mobilization of the equipment and supplies needed to conduct the program will only occur during the winter of 2013/2014.
Shares are up 1 cent to 15.5 cents mid-morning.
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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.
