TORONTO - Mantis Mineral Corp. (CNSX:MYN) has granted an option that allows Fieldex Exploration Inc. (TSXV:FLX) to acquire up to a 60 per cent interest in five mining claims at a lithium-tantalum deposit near Cochrane, in northeastern Ontario.
Fieldex can earn a 50 per cent of the Case Pegmatite Project in exchange for $1.3 million cash and 900,000 Fieldex shares over two years, starting with $50,000 cash and 200,000 common shares within 10 days of signing the deal.
It can acqujire an additional 10 per cent interest in the project by issuing 750,000 additional shares to Mantis after the first payments are completed and by March 1, 2013.
Lithium and tantalum are among a group of rare metals that have a variety of commercial and scientific uses.
Lithium, for instance, is used to make rechargable batteries while tantalum is a corrosion-resistent material used for lab equipment and electronic components.
Fieldex xhares dropped 1.5 cents to 20 cents on the TSX Venture Exchange on Wednesday while Mantis shares last traded at four cents on the Canadian National Stock Exchange.
