China Armco Metals buys 19.9% stake in Apollo Minerals
China Armco Metals Inca has taken about up to 19.9 percent by entering into a Subscription Agreement with iron ore junior Apollo Minerals in total subscription of A$4.3 million.
Apollo has the exploration rights of three mineral tenements at Mount Oscar in the region of Western Australia, where has rich iron ore deposit.
Currently Apollo has signed an offtake agreement that it sell to Armco not less than 15 percent from its Mount Oscar iron project.
News Date 09 Jun 2010 16:49:20 reported by Judy Lin