Pacifico in $4m purchase

Perth-based Pacifico Minerals has announced it will take a 75 per cent stake in the Sorby Hills lead and silver project north of Kununurra in a cash-and-scrip deal worth up to $4.1 million.

Under the deal, Pacifico will acquire KBL Sorby Hills, paying $2.5 million in cash and $500,000 in scrip at completion, along with $100,000 to undertake due diligence.

Pacifico will also pay $1 million 90 days after completion.

Chinese lead smelting company Henan Yuguang Gold and Lead Co owns the remaining the 25 per cent of the project.

Shares in Pacifico were flat at 9 cents each today.