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Power Ore sells stake in Mann silver project in share deal worth $1.25M

The Mann silver-cobalt mine property, located just west of Cobalt, Ontario, covers 867 acres within a well-known silver area

hundred dollar bills
The property is being purchased by Rider Investment Capital

Power Ore Inc (CVE:PORE) said Tuesday that it has agreed to sell its Mann Mine for around C$1.25 million in shares. 

The Mann silver-cobalt mine property is located just west of Cobalt, Ontario and covers 867 acres within a well-known silver area. 

The property houses nine historic shafts and a ramp descending to the 210-foot level. 

READ: PowerOre announces 15,770 metre drill program at Opemiska copper project

Buyers Rider Investment Capital Corporation (CVE:RDR.P) is a capital pool company that is listed on the TSX Venture Exchange, Power Ore said in a statement. The sale is conditional upon Rider’s full listing on the TSX Venture Exchange and a concurrent financing.

Power Ore, which held a 100% interest in the property, will receive just over 17.8 million shares of Rider at an implied valuation of C$1.25 million.

The Toronto-based firm is a Canadian copper developer with its flagship Opemiska Copper Mining Complex project located near the town of Chapais, Quebec within the province’s prolific Chibougamau region.

The project consists of the past-producing Springer & Perry mines, which were previously owned and operated as underground mines by Falconbridge. Power Ore is reinterpreting this past underground operation as a high-grade open pit copper project.

Contact Angela at [email protected]

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Quick facts: Power Ore

Price: 0.035 CAD

Market: TSX-V
Market Cap: $1.72 m

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