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European Cobalt acquires historical Kotlinec, Medzev cobalt-silver-copper mines

European Cobalt Ltd. said May 22 that it acquired the historical Kotlinec and Medzev cobalt-silver-copper mines, which are 20 kilometers southeast and 30 kilometers southeast, respectively, of the company's flagship Dobsina project in Slovakia.

The miner will pay the vendor €15,000 upon the transfer of both licenses, plus commit to a €25,000-per-year spend over the licenses for two years after the completion of the acquisition. The vendor will retain a 1% net smelter returns royalty over the minerals sold from both projects.

European Cobalt will add the two projects to its regional exploration program for the European summer field season, which will serve as the basis for an evaluation of their respective scale potential.