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Queensland Mining extends Young Australian exploration deal to 2020

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Queensland Mining extends Young Australian exploration deal to 2020

Queensland Mining Corp. Ltd. agreed with Chinova Resources Cloncurry Mines Pty. Ltd. to extend exclusive rights to explore six sub-blocks at the Young Australian prospect, part of the White Range copper-cobalt project in Queensland, Australia, until June 2020.

The initial deal was closed in 2012 and was due to expire in mid-2017, according to a Dec. 29 statement.

The Young Australian prospect consists of four mining leases owned by Queensland Mining and six sub-blocks owned by Chinova.

In addition, Queensland Mining sold the ML90083, or Stuart prospect, to Chinova. As part of the deal, a 2012 call option agreement between the companies will be terminated.

Chinova will pay A$450,000 for the purchase, while Queensland Mining will be entitled to a royalty based on 65 Australian cents per tonne of ore treated. The royalty is capped at A$1.4 million.

Earlier in December, Queensland Mining signed an option and joint venture deal granting a Teck Resources Ltd. unit to earn up to a 70% stake in the White Range #1, Kuridala South, White Range Consolidated and Copper Canyon East tenements.