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Altiplano to acquire Comet's 50% interest in Chilean copper joint venture

Altiplano Minerals Ltd. said Dec. 11 that it entered into a binding letter of intent with Comet Exploration Ltd. to acquire the latter's remaining 50% interest in their Chilean joint venture.

The companies forged the 50/50 joint venture in January, which includes the Farellon and Maria Luisa copper-gold projects.

Under the deal, Altiplano is required to issue 7.5 million shares at 20 Australian cents apiece and pay A$50,000 within the next 90 days, in return for Comet's issuance of its shares to Altiplano at 10 cents apiece or lower.

In addition, Comet will retain a 10% net profits interest in the projects, until it has been paid C$1.5 million.

The transaction will result in termination of the joint venture and Altiplano becoming the operator of the two projects.