Iamgold Secures Option to Acquire Stake in Zancudo Gold Project

Iamgold shares were just higher Friday after Toronto-listed Gran Colombia Gold Corp. said late Thursday that it signed an agreement with the company for the exploration and sale of an interest in its Zancudo project located in the Titiribi mining district of Antioquia, Colombia.

Under the deal, IAMGOLD has been granted an option to acquire an initial 65% interest in the project by incurring an aggregate of $10 million of mineral exploration expenditures over a six-year period, and an option to acquire an additional 5% stake by completing a feasibility study within three years after exercising the first option.