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Triton buys bigger stake in Moz projects

22nd November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Triton Metals has moved to increase its stake in two graphite projects, in Mozambique.

Triton currently holds a 49% interest in the Balama and Anucabe projects held by joint venture partner Grafex.

Triton would increase its shareholding to 60% through a number of staged cash payments totalling $550 000, over the next 18 months, as well as issuing about five-million shares to Grafex shareholders.

“The company has taken steps to ensure it has a majority controlling interest in the Mozambique graphite projects. This position will allow the company to advance the graphite projects in a more timely fashion,” said Triton MD Brad Boyle.

He noted that the company had taken the step in light of the strong drilling and exploration results that have demonstrated various zones of large flake high-grade graphite and vanadium mineralisation at the Nicada Hill prospect, and along the 5 km mineralisation zone on the Cobra Plains prospect, both in the Balama North project.

On the start of a feasibility study, Triton would move to a 75% shareholding in the project, with the company finally obtaining an 80% equity interest when the project moved to production.

Edited by Creamer Media Reporter

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