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Manhattan Corp. inks option to earn up to 80% of Joshua copper project in Chile

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Manhattan Corp. inks option to earn up to 80% of Joshua copper project in Chile

Manhattan Corp. Ltd. said June 8 that it signed an option to earn up to 80% of the Joshua copper project in Chile from Helix Resources Ltd. by completing 8,000 meters of drilling and sole funding the project to the completion of a bankable feasibility study.

The binding heads of agreement includes a minimum commitment of A$1 million to conduct 3,000 meters of diamond drilling on the project as a first stage, slated to start in the third quarter. Helix will remain manager of the project during stage one. Manhattan will be the manager during stages two and three of the three-staged option unless mutually agreed upon otherwise.

Robert Perring will join Manhattan's board as a nonexecutive director as part of the deal, while director Alan Eggers will step down. The company also announced plans to raise up to A$3 million, at 0.5 cent per share.

In a separate, same-day release, Manhattan also nixed a deal to acquire Trans-Tasman Resources Ltd. in a deal valued at about A$36.4 million, which would have seen the company take control of iron sands assets in New Zealand. The two parties mutually agreed to terminate the transaction.