Deals this week: Colorado Resources, Armadale Capital

8 December 2016 (Last Updated December 8th, 2016 18:30)

Colorado Resources and Ely Gold and Minerals have reached a definitive option agreement through their respective fully owned US subsidiaries to acquire 100% interest in the Green Springs Property, a gold mine located in Nevada, US, which comprises 193 unpatented claims in 1,416.2ha.

Colorado Resources and Ely Gold and Minerals have reached a definitive option agreement through their respective fully owned US subsidiaries to acquire 100% interest in the Green Springs Property, a gold mine located in Nevada, US, which comprises 193 unpatented claims in 1,416.2ha.

UK-based Armadale Capital has announced its intention to form a joint venture (JV) with Kisenge Mining.

The JV is intended to manage the Mpokoto gold project located in Katanga Province, the Democratic Republic of Congo.

"UK-based Armadale Capital has announced its intention to form a joint venture (JV) with Kisenge Mining."

Comprising 800,000ha of unexplored areas, the Mpokoto project consists of four mining licences that are valid up to 2044.

Kisenge Mining is entitled to earn 25% interest in Armadale’s subsidiary Kisenge, by extending financing and offering project-related services for the mine’s development, in the initial phase.

Kisenge Mining will be eligible to earn 60% interest in Kisenge by arranging 100% financing and fulfilling all its obligations in the second phase.

The former company will also assume operational responsibility of the project, as part of the JV.