Australian junior company Equus Mining  (ASX: EQE) is negotiating an agreement with Canada’s Mandalay Resources (TSX:MND, OTCQB: MNDJF) to purchase all the mining property and infrastructure at its Cerro Bayo project, located in the Aysén region.
The agreement will last three years, and will enable Equus to explore Cerro Bayo project’s 29,495 hectares in exchange for 19% of its shares and a production royalty of 2.25%. Equus will assume 50% of the site closure costs when the time comes.

Subject to successful exploration results, the Equus will then be well positioned to transition to production by virtue of the Cerro Bayo mine infrastructure and processing plant.

Equus is working on its flagship project 20 kilometers from Cerro Bayo called Los Domos, which is a polymetallic deposit categorized by the Chilean government as vitally important for economic growth in the Aysén region.

The Australian company is also making progress exploring Cerro Diablo, located 25 kilometers from the Cerro Bayo flotation plant.

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