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Roughrider Exploration drops option to acquire Sabin zinc-copper project

Roughrider Exploration Ltd. said June 1 that it will not exercise its option to acquire the Sabin zinc-copper project in Ontario from Commander Resources Ltd.

The Vancouver-based explorer has instead decided to pursue the potential acquisition of the Iron Butte gold-silver project in Nevada, for which it secured an option in late April.

Under the deal with Commander, Roughrider would have been able to acquire the Sabin project by making a C$1.1 million cash payment, incurring C$4.5 million in exploration expenditure and issuing 4.4 million shares.

Roughrider has been granted an extension to June 20 to complete the definitive agreement on Iron Butte.