A Vancouver mining firm has found two major Japanese companies to invest in a relatively unknown zinc-lead project near Revelstoke.
Imperial Metals Corp. (TSX:III) announced a memorandum of understanding on Monday morning with Itochu Corp. and Mitsui Mining and Smelting Co. Ltd. to fund $20 million worth of exploration at the Ruddock Creek project over a three-year period.
The deal, which remains subject to a definitive agreement, means Itochu and Mitsui would have a 50% working interest in the property.
Itochu is a large Japanese conglomerate with 148 offices worldwide, and interests in a number of sectors including metals and mining. Mitsui is one of Japan’s leading zinc and copper smelters.
Imperial already operates the Mount Polley copper-gold and Huckleberry copper-molybdenum mines in B.C.
The company absorbed Ruddock Creek when it merged with Selkirk Metals Corp. last November.
Imperial could not be reached for comment about the deal, but it’s not the first time the company has landed an agreement with a Japanese partner.
A consortium of investors that includes Mitsubishi Materials Corp. owns 50% of Imperial’s Huckleberry mine.
At press time, Imperial’s stock was up $0.04 to $16.90.