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Jazz to add coltan to repertoire

Minnow Jazz Resources has announced plans to acquire assets targeting gold and coltan in north-east Brazil from private Vancouver-based company Coltan Gold Mining.
Jazz to add coltan to repertoire Jazz to add coltan to repertoire Jazz to add coltan to repertoire Jazz to add coltan to repertoire Jazz to add coltan to repertoire

Coltan. Image: Fair Congo

Staff reporter

Jazz's primary focus was previously the Teddy Glacier and Spider properties in the Revelstoke mining district of British Columbia.

Coltan is a key component in electronics and the Democratic Republic of Congo hosts significant quantities, with mineral-rich countries' alliances with either China or the US being keenly watched against a backdrop of geopolitical tensions.

Under the agreement, Jazz Resources said it was required to issue 2 million shares and issue a two-year convertible loan of $1.25 million at 4% interest.

It said additional information would be provided in due course.

Jazz had last week said it intended to raise up to $2 million through a placement at 20c per unit, "to explore acquisition opportunities and for general working capital".

It had consolidated its shares on an eight-for-one basis in February and had reported a working capital deficiency of $1.8 million at March 31.

Its share price (TSXV: JZR) has ranged form 44c in December to 14c in May. It closed unchanged on Friday at 25.5c to capitalise it at $657,000 (US$490,000).