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Cazaly secures option over copper-cobalt project in Namibia

Cazaly Resources Ltd. acquired a four-month option to purchase an 85% equity interest in the copper-cobalt prospective Tsumkwe project in Namibia.

The company said Dec. 19 that it can acquire the project interest by paying US$650,000 in cash and issuing US$250,000 worth of shares.

The project covers an area of about 200 square kilometers, and comprises a single exploration license granted to a local company, Gemco Investments cc, in August for an initial three years.

Cazaly will free carry all Gemco expenditure over the project up to the finalization of a positive definitive feasibility study into mining on the project.

The company plans to start due diligence work on the project in 2018.