Myanmar Metals progresses funding strategy to acquire Bawdwin mine

Myanmar Metals (ASX:MYL) is one step closer to funding the acquisition of a majority interest in the Bawdwin Lead-Zinc-Silver Project in Myanmar.

It has appointed a financial advisor to assist it in delivering the optimal funding package for the option exercise and future development of the Bawdin concession.

The financial advisor has a strong history working on Asian-related transactions and discussions are underway.

John Lamb, CEO and chairman, said: “They provide the depth of experience, international presence and track record that will be critical to support the financing of the Bawdwin mine back into production.”

The Bawdwin mine, in Myanmar’s northern Shan state, was reputedly one of the richest mines in the British Empire before World War II.

It was a world-class mine when in production and occurs in a volcanic complex that has never experienced systematic modern exploration.

It has an inferred resource of 75.9 million tonnes at grades of 4.6% lead, 2.3% zinc, 0.25% copper and 119 g/t silver

Drilling underway by partner and owner

Partner and tenement owner Win Myint Mo (WMM) has started a 5,000-metre drilling program at Bawdwin.

Myanmar Metals retains an exclusive option to acquire an 85% interest in the Bawdwin zinc-lead-silver mine lease.

The company plans to exercise the Bawdwin option in the June quarter of this year.

Mark Creasy has an equity stake

Mark Creasy’s Yandal Investments holds almost 14% of Myanmar Metals, formerly Top End Minerals Ltd (ASX:TND).

Source : Proactive Investors

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