VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/08/12)- Zincore Metals Inc. (ZNC.TO)(ZNC.TO) ("Zincore" or the "Company") is pleased to report that it has entered into a strategic partnership with First Quantum Minerals Ltd. (FM.TO)(FQM.L) ("First Quantum") Under the terms of a binding Memorandum of Understanding ("MOU"), First Quantum's wholly-owned subsidiary, FQM (Peru) Ltd will make a strategic investment in Zincore via private placement for 19,113,874 common shares at $0.20 per share (the "Private Placement") and fund the advancement of Zincore's Dolores copper porphyry project through exploration and, if warranted, development and production. The Dolores project is located in the prolific Yauri-Andahuaylas Copper District of southern Peru, approximately 40 kilometres from the Haquira deposit, which First Quantum is currently developing.
And yeah, remember this from last week?
"Several new regional prospects are under evaluation in southern Peru with applications for new tenure and discussions for joint venture participation underway."
disclosure: long ZNC.to
UPDATE: ZNC is trading down on this news! Talk about can't please anyone these days...