Metro to farm-out its interest in the Mahar San Project

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Location of Mahar San project.
Image credit: Google Maps

Metro Mining Limited has agreed to farm out its interest in Mahar San exploration project in Myanmar to PanAust Limited.

Location of Mahar San project.
Image credit: Google Maps

The project, which is located approximately 220km north-northwest of Mandalay, is prospective for various styles of copper, gold and base metal mineralisation.

Earlier this year, Metro signed a joint venture agreement to acquire 80% of the project and was engaged with potential funding parties which have an interest in Myanmar.

The farm out agreement allows PanAust to progressively earn an interest in Metro’s Myanmar company with phased funding of exploration expenditure.

Adertisement

Metro’s Chairman Stephen Everett said following the successful acquisition of Gulf Alumina, the farm out of the Myanmar exploration interests will allow the company to focus on the development of its bauxite resources on Cape York while retaining an interest in the upside to be realized from successful exploration of Mahar San.

“Metro welcomes PanAust as an important funding participant in the exploration of the Mahar San project,” Mr Everett added.

“PanAust brings a wealth of experience in developing and operating projects in Southeast Asia and we look forward to a rewarding relationship.”