Primary Energy Metals Inc (CSE:PRIM) (OTCMKTS:PEMTF) said Tuesday that it and Exco Mining SA have amended their July deal in a way that allows the companies to develop projects in Spain independently.
The Vancouver-based metals company said in a press release that it will be assigned all of the rights to the Altair vanadium permit and have the right to earn up to 90% interest in the Odin vanadium permit after issuing 1.5 million common shares to Exco Mining and agreeing to spend at least 1.39 million euros on exploration over the next 36 months.
At the same time, Exco Mining will be assigned all of the rights to the Buran and Beatriz cobalt projects, according to Primary Energy Metals.
Current projects for Primary Energy Metals include the Altair and Odin vanadium permits in Spain, 375 vanadium and uranium claims in Utah, cobalt-gold permits in British Columbia and 39 cobalt claims in Quebec.
“We are very pleased to come to an agreement that will allow us to focus on our vanadium assets in Spain and Utah,” Primary Energy Metals CEO Patrick Morris said in a statement.
Last month, Primary Energy Metals said it had agreed to buy all of the outstanding shares of Prost Vanadium Ltd, giving it the rights to 176 vanadium and uranium lode claims in the La Sal District of San Juan, Utah.
Contact Dennis Fitzgerald at [email protected]