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Minerals Corporation Rights Issue To Fund Copper Exploration Next To Tiger Resources' Kipoi

Minerals Corporation (ASX: MSC) has already received support for its non-renounceable rights issue which will raise up to $750,000, with $500,000 underwritten.

The documents have now been sent to shareholders, which comprises a five for eight offer at $0.003 per share, together with one free attaching option for every new share subscribed for.

Recent drilling at the company's Luishia Prospect in the Democratic Republic of Congo intersected disseminated copper mineralisation in the first three diamond holes, with assays pending.

Trenching has identified 700 metres of strike in broad zones of mineralisation remaining open to the northwest.

The Luishia Prospect is located immediately adjacent to Tiger Resources' (ASX:TGS) copper producing Kipoi Project. Kipoi produced 11,116 tonnes of copper in the June quarter 2013.

Variation to joint venture agreement

In August MSC outlined the successful restructuring of certain cash considerations for its DRC Copper Joint Venture.

As previously announced, the amount of US$750,000 was due on completion under the joint venture which is anticipated to occur shortly. It has been agreed that this amount, together with an additional payment of US$110,000, shall now be payable no later than 30 September 2014.

Murray Ward, managing director for Minerals Corporation, said at the time: "the over one year extension to the tranche two consideration payment is a great outcome for MSC as it enables to company to focus on continuing exploration and adding value to the joint venture.

"The agreement of our joint venture partner in the DRC, Rubamin FZC, to this extension is a sign not only that they are as committed as us to the joint venture, but that they also see the prospectivity in the copper concessions."

MSC has also boosted its board experience, and last week appointed Dr Andrew Tunks as a non-executive director of the company.

Tunks has over 25 years of experience and has led numerous successful exploration campaigns in Africa, leading to the discovery of several gold deposits in Ghana, as well as Botswana's largest uranium deposit.

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