Perth-based Mineral Securities Limited has completed the sale of its interest in the Iquique and Paguanta Projects in Chile to Herencia Resources plc, a company listed on the Alternative Investment Market in London.Pursuant to the sale, Mineral Securities has now been issued with 100 million Herencia shares as consideration, being a 50 per cent interest in the company. Based on the recent share price of Herencia on 5 November 2005 of 1.925 pence, Mineral Securities interest in Herencia is valued at approximately A$4.4 million.In addition to its 50 per cent interest in Herencia, Mineral Securities is entitled to a further 50 million shares in Herencia to be issued upon Herencia spending US$2 million in aggregate on the Iquique and Paguanta Projects.The Iquique and Paguanta Projects represent a large tenement area with extensive known mineralisedsystems. Exploration in Chile commenced on 3 November 2005 with preliminary sampling in the Iquique project area.The exploration activities for the next 2 to 6 months will be focussed on the prospective old mine sites at theIquique Project, and the walk-up drill targets at Paguanta.Mineral Securities is currently trading at $1.10.
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