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Midnight Sun Mining Signs Earn-In Agreement for Mulundu License in Zambia

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Midnight Sun Mining (MMA.V) signed an earn-in agreement to acquire an aggregate 80% interest in the Mulundu license embedded within the company's Solwezi project in Zambia.

Midnight Sun plans to integrate Mulundu into its ongoing exploration program at the Dumbwa trend, with initial work focused on extending datasets across the license and identifying drill test targets, the company said Monday.

Under the terms, Midnight Sun will pay $25,000 within one week of the earn-in agreement. The company will also submit required environmental documentation for the project.

Midnight Sun must spend 750,000 Canadian dollars on exploration to acquire an initial 51% interest in the license.

Midnight Sun can acquire an additional 29% interest by spending an additional CA$3 million within 36 months, the company said.

"The acquisition of this licence has the potential to meaningfully expand our land-package and the footprint of Dumbwa," President and Chief Executive Office Al Fabbro said.

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