Deals this week: Anglo American Platinum, Everton Resources, Zone Resources and more

20 March 2014 (Last Updated March 20th, 2014 18:30)

Anglo American Platinum has signed a wage agreement with the National Union of Metalworkers of South Africa (Numsa).

Mining

Anglo American Platinum has signed a wage agreement with the National Union of Metalworkers of South Africa (Numsa).

Under the terms of the deal, workers will receive pay increases of between 7.5% and 8.5% for two years.

The National Union of Mineworkers (NUM) and the United Association of South Africa (UASA) both accepted the same agreement in December 2013.

The deal stipulates wages and other conditions of employment for operational employees for the period 1 July 2013 to 30 June 2015.

Anglo American said the industrial action by the Association of Mineworkers and Construction Union (AMCU) is on-going and it is working towards a solution that is affordable and satisfies all stakeholders.

Anglo American Platinum's mining, smelting and refining operations are based in South Africa.

Everton Resources has amended the Wildcat option agreement with Hecla Québec, a subsidiary of Hecla Mining.

The Wildcat option deal was amended to defer the timing and the amount of exploration commitments required by Hecla to earn a 50% interest in the Wildcat properties.

As per the original deal, Hecla would have to incur $1.47m of exploration expenditures by November 2015.

Under the amendment, Hecla will have to incur $2.78m of exploration expenses by November 2017.

Everton will be required to incur $1m of the revised amount by December 31, which will be deemed to have been incurred by Hecla.

Hecla plans to drill about 2,900m that is divided between two targets previously defined by till sampling and prospecting.

Everton said that in both cases, rock characteristics observed in the field show similarities with Goldcorp's Eléonore Mine.

The Wildcat one and Wildcat four targets are situated 20km west and 40km south-east of Eléonore respectively, along the same regional gold-bearing structure.

Zone Resources has entered into an option agreement to earn a 100% interest in the 233ha La Corne Lithium property in Canada.

The property is situated in La Corne county about 60km north of the mining region of Val D'or, Québec.

The claims are adjacent to RB Energy's Québec lithium project, which completed the construction of the mine and processing plant in 2013.

Zone Resources said it is currently in the latter stages of commissioning before it enters the first stage of production.
RB Energy's hard-rock lithium project has a planned production rate of 20,000t a year and a proven reserve of over six million tonnes grading at 0.92% lithium oxide.

The vendor will retain a 2% net smelter royalty on the property after completion of the terms of the option agreement.

Probe Mines has agreed to the principal commercial terms for a joint venture (JV) agreement with Reliant Gold, with respect to Reliant's Borden Lake South property, located in Chapleau, Ontario, Canada.

Under the deal, Probe Mines and Reliant Gold will have a 51% interest and a 49% JV stake, respectively.

Probe Mines will make a cash payment of $200,000 and issue 100,000 common shares to Reliant after the execution and delivery by the parties of a definitive JV deal.

Probe Mines will be responsible for maintaining the property in good standing until the completion of a bankable feasibility study that is five years from the execution and delivery of the JV agreement.

Canada-based Probe Mines is actively exploring a significant new gold resource on its Borden gold zone near Chapleau, Ontario, and has 100% interest in the Black Creek chromite deposit located in the north of Ontario.

Uranium Hunter has signed a stock purchase agreement with Minas Core Mining, a Nevada Corporation and owner-operator of the Rio Petro diamond project in Brazil.

As per the deal, Uranium Hunter will receive 80% of authorised shares of Minas Core Mining for $3.2m.

Uranium Hunter said the amount will be payable by 3.2 billion shares of the company's common stock, with a one-year restriction as may be permitted under Rule 144 of the Securities Act of 1933.

Uranium Hunter will contribute $6m over a 30 month period towards the work programme, operational costs, equipment and further development of the Rio Petro project.


Image: Several deals were signed this week. Photo: courtesy of FreeDigitalPhotos.net.

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