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Deals this week: Colorado Goldfields, BC Iron, Fortescue Metals and more

14 December 2012

Denver-based junior exploration and mining company Colorado Goldfields has acquired the Champion Mine in the San Juan Mountains at Silverton, Colorado, for $234m.

The gold and silver mine is in close proximity to the company's Pride of the West Mill and strengthens Colorado Goldfield's mineral rights in the region.

Australian iron ore producer BC Iron and Fortescue Metals Group has signed an agreement, wherein BC Iron will acquire a 25% interest in Fortescue's stake in the Nullagine Iron Ore joint venture for total consideration of $190m ($200.41m).

Both companies currently own a 50% interest in the Nullagine Iron Ore project located in the Pilbara region of Western Australia.

Meanwhile, BC Iron has completed a fully underwritten institutional placement of ordinary shares to raise approximately A$47m ($49.58m) to fund the transaction.

Coeur d'Alene Mines Corporation will purchase Mirasol Argentina, the wholly-owned Argentine subsidiary of Mirasol Resources, for $60m.

Mirasol Argentina partly owns the Joaquin silver-gold project in the Santa Cruz province of Argentina and Coeur currently owns a 51% interest in the project.

Australian uranium exploration company Peninsula Energy will acquire a South African uranium and molybdenum project portfolio from ARSA for a value of $50m.

The company plans to purchase a 74% stake in 36 prospecting rights, covering 5,600km² of uranium and molybdenum deposits in the Karoo basin.

Canadian junior exploration company Orex Minerals and precious metal exploration and development firm Astral Mining have signed an agreement for Orex to acquire all of the issued and outstanding common shares of Astral.

Terms of the transaction stipulate each Astral shareholder to receive one common share of Orex for every twelve Astral Shares held.