Inmet adds to Cayeli portfolio

A deal between the Turkish subsidiaries of two Canadian companies paves the way for Inmet Mining (IMN-T) to acquire the Rize property immediately along strike of Inmet’s Cayeli deposit.

To do so, Inmet must fork over US$150,000 on closing and grant Teck Cominco a 2% net smelter return royalty.

Teck Cominco has held the Rize property, which comprises two mineral licenses covering about 10 km of strike from Cayeli deposit, since 1988 and has carried out limited exploration.

Inmet plans to test the extent to which the Cayeli footwall rhyolites, the favourable horizon at Cayeli, extends on to Rize.

Frank Balint, Inmet’s vice president of corporate development said in a prepared statement, “We consider the potential to be excellent for the discovery of additional massive sulphide lenses which could be exploited and processed using the existing Cayeli mine infrastructure.”