Deals this week: African Queen Mines, Mega Precious Metals, ICL

25 June 2015 (Last Updated June 25th, 2015 18:30)

African Queen Mines has signed a binding letter of intent with Athabasca Nuclear for the acquisition of the Yellowjacket Gold project in British Columbia, Canada.

African Queen Mines has signed a binding letter of intent with Athabasca Nuclear for the acquisition of the Yellowjacket Gold project in British Columbia, Canada.

The project includes all mineral rights, claims and encompasses 23 mineral claims and leases covering an area of about 55km² located 9km East of Atlin, BC.

It also includes a permitted mining operation with hard rock as well as placer exploration targets.

Mega Precious Metals has completed its previously announced plan of arrangement with Yamana Gold.

Under the agreement, Yamana has acquired all of the outstanding common shares of Mega for consideration of 0.02092 of a common share of Yamana and C$0.001 in cash per Mega share.

"Cape Lambert received a royalty payment of around A$400,000 for the initial shipment of iron concentrate in December 2014 from the mine."

The Mega shares are expected to be de-listed from the TSX Venture Exchange soon.

ICL has completed the acquisition of 100% of Canadian mining company Allana Potash.

Allana holds a concession to mine potash at the Danakhil mine, which is located in Ethiopia's Afar National Regional State.

Following the acquisition, ICL will get full control of the asset and accelerate development of the Danakhil mining project.

Cape Lambert Resources has revised its royalty agreement with Timis Mining and will pay royalty of $2 per tonne on production of 24 million tonnes from the Marampa Iron Ore mine located in Sierra Leone.

On 27 January, Cape Lambert received a royalty payment of around A$400,000 for the initial shipment of iron concentrate in December 2014 from the mine.

The royalty was previously payable over a four year period with potential extensions in case of a force majeure event.

Laurion Mineral Exploration has executed a letter of intent (LoI) to receive an option to acquire the mineral rights of Jubilee Gold Exploration representing an undivided 100% legal interest in the Brenbar property.

Encompassing 253ha, Brenbar Property is located to the west of the Ishkoday property located 28km north-east of the town of Beardmore.

Upon closing, Laurion will pay $50,000 and issue 300,000 company common shares to Jubilee.