Tanga to acquire Namibia zinc project, raises A$1.16m in placement

ASX-listed Tanga Resources announced on Tuesday that it would acquire the high-grade Joumbira zinc project in Namibia and that it would raise A$1.16-million to fund the transaction and to start planned work programmes. The company entered into a binding option agreement to acquire 100% of the issued shares of Namibia-registered Coldstone Investments, which has a joint venture (JV) agreement with government-owned Epangelo Mining to earn 80%, potentially 90%, of the zinc/lead/silver project in the Damaran belt.