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Cameo to acquire 456-hectare cobalt-prospective property in Chile

Cameo Cobalt Corp., formerly Cameo Resources Corp., said June 7 that it signed a letter of intent to acquire a 456-hectare property in Chile's Carrizal Alto district.

Under the deal, it would pay about US$5.1 million in cash and 2.75 million shares in staged payments within 48 months following the deal's closing.

Closing is subject to due diligence proceedings. The miner will conduct follow-up exploration work to define cobalt mineralization on the concession.