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AuKing's option to acquire further 20% stake in Bonito Minerals lapses

AuKing Mining Ltd.'s option to secure a further 6.66% stake in Bonito Minerals Pty. Ltd., to take its stake to 50%, lapsed as the company did not receive the extension in the exercise period.

The company already had a 30% interest in Bonito and a payment of A$500,000 for a further 6.66% stake was part of an option to acquire another 20%. Auking was seeking to extend the deadline to acquire an additional 6.66% from Jan. 31 to Feb. 28.

However, Bonito, which holds a four-year option to purchase the La Dura gold-silver project in Mexico, elected not to grant the extension, according to the Feb. 2 release.

AuKing will retain its 30% stake in Bonito and a director on the latter's board.