Anglo Platinum has earned an additional 21% interest in Solitario Exploration & Royalty’s Pedra Branca platinum-palladium project in northeastern Brazil, bringing its total interest in the project to 51%. Anglo Platinum earned the increased interest by completing required funding of $1.5 million for the 2010 exploration program and $1.5 million for the 2009 exploration program on the property.
Anglo has now funded a total of $7 million in exploration at Pedra Branca since inception of its joint venture with Solitario. Anglo Platinum can earn an additional 9% interest, for a total of 60%, by funding a further $10 million for exploration or development and has the option to earn an additional 5% interest (for a total of 65%) by arranging for 100% financing to put the project into commercial production.
he Pedra Branca project hosts eight separate deposits of near-surface platinum-palladium mineralization. A new 3,000-m core drilling program was expected to begin by the end of September 2010. Drilling will focus on further defining known mineralization in the Cedro and Trapia areas of the project and testing several new target areas north of the Curiu deposit and south of the Trapia prospects. These new targets have never been drill tested and represent potential new areas of mineralization.