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Azarga Metals closes acquisition of Unkur project

Last updated: 12:45 19 Mar 2018 EDT, First published: 08:45 19 Mar 2018 EDT

copper wires
Unkur is a copper-silver project in the Zabaikalsky region of eastern Russia

Azarga Metals Corp (CVE:AZR) updated on its Unkur copper-silver project in Russia, saying it had now closed the acquisition of an additional 40% and owns 100%.

On completion, Azarga Metals will have issued 42mln shares at a deemed price of 15 cents to the vendors of the indirect 40% interest.

Azarga issued 36.75mln shares on March 16 and will issue the remaining 5.25mln upon receipt of the TSX venture exchange's clearance of a personal information form for one of the vendors who will become a greater-than-10% shareholder.

Meanwhile, Azarga has hired Tetra Tech Mining and Minerals to complete an NI 43- 101 preliminary economic assessment (PEA) for Unkur.

The PEA works remain on-track to be completed in mid-2018.

Also, in today's statement, the firm said it had started reviewing a number of potential target acquisitions in the broader Chara-Aldan area of eastern.

It follows the exclusive memorandum of understanding in January over co-operation with certain parties with respect to additional growth opportunities.

Azarga Metals shares are unchanged at C$0.125.

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