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Thu, Jan. 28, 3:49 PM
- BHP Billiton (BHP +2.1%) signs a letter of intent to help fund exploration at Aston Bay Holdings' (OTC:ATBHF) Storm copper project, Reuters reports.
- Under the terms of the preliminary deal, BHP could earn a 75% interest in Storm, located in Canada's Nunavut territory, if it spends a minimum of C$40M on exploration over the next few years.
- BHP's move comes shortly after similar steps by rival Rio Tinto (RIO +1.6%), which signed deals involving the copper assets of Canadian junior miners Avala Resources (OTC:AVLRD) and Reservoir Minerals (OTCPK:RVRLF).
Reservoir Minerals Inc. (Reservoir) is a Canadian-registered company which trades on the TSX Venture Exchange under the symbol "RMC". Reservoir is a wellfunded exploration company following the project generator business model which aims to minimise shareholder dilution and financial risk by... More
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