An agreement with Longpoint Mining of Manila gives Stellar Gold (VSE) rights to a 100% interest in a lateritic nickel-cobalt deposit in the Philippines.
The 10,000-hectare property contains an estimated near-surface resource of 187 million tonnes grading 1.4% nickel and 0.09% cobalt. The property has road access and is on tidewater.
Stellar will issue shares to Longpoint in stages in return for the property interest. Atlas Consolidated Mining (AMEX) retains a net profits interest of 4% to 8%, depending on the price of nickel.
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