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Power Americas building up Ontario presence with historical cobalt mine buy

Power Americas Minerals Corp. said May 30 that it agreed to buy the past-producing Thomas Edison cobalt mine located on the company's Kittson property in Ontario.

The terms were not disclosed, and the deal is expected to close in 30 days.

The mine was developed by Thomas Edison, who was involved in mining outside of his inventions. It comprises a 16-hectare patented claim with surface and mineral rights and has not been explored since 1907.

Howard Milne, vice president of business development, told S&P Global Market Intelligence that the company paid a "very nominal" amount of cash for the property that is not material to the company or subject to exchange rules for disclosure.

He added that Power Americas is in negotiations for additional properties in the area, so disclosing the deal value for the Thomas Edison mine could impact the ongoing negotiations. Milne said, "The Edison estate is so vast ... they didn't even know they'd been paying property taxes on the mine for over a hundred years."

As a result of the acquisition, the company's Kittson property now consists of 216 unpatented claims and one patented claim covering 4,440 hectares.

Power Americas is planning a summer exploration program, which will include follow-up drilling on the property as well as mapping, prospecting, geophysical surveys and soil sampling on the newly acquired claims extending to the southwest.