[TRADINGMARKETS.COM]Zeus Holdings Inc. (ZHI.PH) said Tuesday it has entered into a deal to secure, develop and operate a mining claim of Olympic International Sales Corp. in southern Philippines, which has copper, gold and nickel potential.
Olympic International has a pending application with the government for a license to explore and develop a 4,656.9-hectare property in the Surigao del Norte province.
The project has potential for the occurrence of both gold-copper and nickel laterite deposits, Daisy Parker, corporate secretary, said in a statement to the stock exchange.
"Surface exploration works so far completed disclosed copper-gold mineralization in the northwestern portion...(while) the southeastern part of the property is underlain by the same ultra basic rocks that form the host rocks of nickel laterite mines."
Parker said as part of the deal, and after the mining license is granted, Zeus Holdings will issue to Olympic International a total of 10 million shares in the holding company, plus the option to buy 110 million shares at PHP1 par value.
Shares of Zeus Holdings were trading up 3.7% at PHP0.28.
Aside from the shares, Zeus Holdings will pay Olympic International royalties based on the net smelter returns once the project is operational.
-By Cris Larano, Dow Jones Newswires; 632-848-5051; cris.larano@dowjones.com
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