TORONTO (miningweekly.com) – Vancouver-based Canadian Zinc Corporation has agreed to buy about 347,67-million shares in Aim-listed Vatukoula Gold Mines, for £2,54-million.

The shares, which represent about 18,25% of Vatukoula, were acquired “for investment purposes”, Canadian Zinc said.

Vatukoula (formerly River Diamonds) owns and operates the Vatukoula gold mine, in Fiji, and also has a gold project in Brazil and diamond exploration prospect in Sierra Leone.

Canadian Zinc is developing a zinc/lead/silver project, in Canada's Northwest Territories.

Shares in the company rose 15,8% on Tuesday, to C$0,22 apiece by 11:44 in Toronto.

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