The brains behind successful Yukon explorer Underworld Resources Inc. (TSX-V:UW) have bought a copper-gold deposit with their other northern-focused venture Full Metal Minerals Ltd. (TSX-V:FMM).
Full Metal has entered into an exploration and acquisition agreement with Rio Tinto plc (NYSE:RTP) subsidiary Kennecott Exploration Co. to buy the Grizzly-Butte copper-gold porphyry in Alaska's Talkeetna Mountains.
In order to earn a 100% interest in the property Full Metal gave Kennecott $20,000 in cash, and must incur $5 million worth of exploration expenditures over the next six years.
Vancouver-based Full Metal shares a number of its executives with Underworld, which Canadian giant Kinross Gold Corp. (TSX:K) recently tendered a bid for.
Full Metal president and CEO Michael Williams is Underworld's chairman, Rob McLeod, vice-president of exploration, is also an Underworld director and Cale Moodie is CFO of both companies.
Grizzly Butte was last explored in the 90s, and the company wants to begin searching for copper and gold there in June.
Full Metal's share price range in the last week: $0.23; 52-week high: $0.34; 52-week low: $0.17.