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Noront Resources purchases mining license in Hungary

Canadian precious metals mining company Noront Resources has acquired 75% of an exploration license for an area in Hungary for $60,000, three times the original cost of the license, the company said on Monday.

Noront did not reveal the party it purchased the license from. The license is for a 30 square kilometer area in northeast Hungary, which is known to contain deposits of copper, zinc, lead, molybdenum, gold and silver.