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Minfocus inks option to acquire Peregrine lead-zinc project

Minfocus Exploration Corp. said Jan. 24 that it signed an option agreement to acquire up to a 100% interest in the Peregrine lead-zinc project in southeastern British Columbia.

Pending TSX Venture Exchange approval, the company can earn the interest over a period of two years by making optional staged payments totaling C$10,000 and issuing 1 million shares, plus granting a 2% net smelter royalty to the undisclosed seller.

Minfocus has the option to repurchase up to 1% of the NSR for C$1.0 million after commercial production.

The Peregrine property contains two regional disconformities in dolostone host rocks associated with major lead-zinc ore deposits and occurrences in North America.