Deals this week: Elcora Resources, Forum Uranium, Amalgamated Gold and Silver and more

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

Elcora Resources has signed a binding letter of intent with Sakura Graphite to acquire around 40% of the outstanding shares.

mining

Elcora Resources has signed a binding letter of intent with Sakura Graphite to acquire approximately 40% of the outstanding shares.

Sakura Graphite, which has around 99 acres in Sri Lanka, includes the past producing Ragedara graphite mine that has an unrestricted exploration license covering approximately 4km² and a mining license for unlimited monthly production.

The transaction will allow Elcora to act as the operator of the Ragedara graphite mine, which is of natural crystalline vein type.

Forum Uranium has signed purchase and sale agreement with Anthem Resources to acquire a stake in its Fir Island acreage, totaling 14,205ha on the north-east margin of the Athabasca Basin, Saskatchewan.

Forum will acquire a 100% interest for 300,000 common shares and a 1.5% Net Smelter Royalty with a 1% buyback provision for $1m, under the terms of the agreement.

Fir Island, which is situated on the northern extension of the Centennial shear zone, transects the Athabasca basin and manifests itself as the Black Lake fault on the property.

Amalgamated Gold and Silver has executed a letter of intent (LOI) with EEPL proprietary to acquire a 51% controlling interest in the Ulexite Calcination plant in Oruro, Bolivia.

AGS will have the exclusive right to conduct independent due-diligence for a period of 60 days, under the terms of the agreement.

On a 12-month renewable contract basis, all the calcinated production of the plant is presold, while the contract is automatically extendable for three years.

Golden Phoenix Minerals has signed an agreement to divest its 10% ownership stake in the Santa Rosa, Panama gold project, for around $2.6m.

Golden Phoenix and its partner formed a Panamanian company, subsequently renamed Vera Gold, to develop and operate mining concessions pertaining to the Santa Rosa Gold Mine located in the province of Veraguas, Panama, in September 2011.

The company and its partner agreed to terminate the original agreement to develop the Santa Rosa Gold Mine, and retained a 10% interest in Vera Gold, pursuant to an agreement entered into in July 2012.

Troy Resources has signed an agreement with Orinoco Gold to sell around 70% stake in Sertão Mineração, which holds Sertão and Antena mining leases.

Sertao, which is the first mine for Troy in Brazil, opened in 2002 and closed in 2007, while Troy relocated the plant to Andorinhas in the north of Brazil and the site rehabilitated.

Amazônia Mineração holds the remaining 30% stake in the SML, while both the companies have agreed to the sale and transfer of 100% in SML, following certain conditions.


Image: File image. Photo: courtesy of freedigitalphotos.net/adamr.

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