Results of the Preliminary Economic Assessment show Cangrejos is one of the world's top 15 undeveloped gold projects based on its average annual production potential.

First Quantum will invest $1.5 million to advance exploration work at the Orquideas and Cascas assets in the first year, with the option of investing an additional $37 million over the course of the subsequent four years covered by the deal.

Originally planned to raise $15M.