Deals this week: Essel Group, Caribou King Resources, Outotec

13 August 2015 (Last Updated August 13th, 2015 18:30)

Essel Group Middle East (EGME) owned company Interu Mining and Trading has acquired the Bada Potash exploration license in Danakil Depression, Eritrea.

Indian based Essel Group Middle East (EGME) owned company Interu Mining and Trading has acquired the Bada Potash exploration license in Danakil Depression, Eritrea.

The license area is located 150km southeast of the capital city of Asmara and is situated within the northern portion of an evaporite basin extending southward into Ethiopia.

In the Eritrean part of the basin, the Neighboring Licenses Mines has announced the discovery of shallow potash mineralisation near the village of Colluli in Eritrea.

Caribou King Resources has secured approval from the TSX Venture Exchange for the recently announced option to acquire an initial 63% of the Aukam Graphite Mine.

The mine is located on 96,000 acres in southern Namibia and hosts three underground adits.

Aukam graphite is hosted within a shear zone in which underground mine workings still show well-mineralised structures.

Outotec has acquired the Canadian technical consulting and engineering company Kovit Engineering which specialises in surface and underground mine tailings solutions.

"Endurance Gold has signed a letter of intent (LOI) to sell its 100% stake in the Rattlesnake Hills Property to GFG Resources in the US."

The acquisition will complement the existing dewatering and tailings treatment solutions and services of Outotec and bolster the company's position as a global provider of sustainable tailings management solutions.

The parties have not disclosed the acquisition value.

Endurance Gold has signed a letter of intent (LOI) to sell its 100% stake in the Rattlesnake Hills Property to GFG Resources in the US.

The property encompasses 6,997 acres and immediately adjoins GFG's property which was acquired recently from Evolving Gold in a separate transaction.

Under the terms of the LOI, GFG may acquire Endurance's Rattlesnake property through the payment of $150,000 in cash.

Canadian development stage mining company Fortune Minerals has completed the second and final stage of the restructuring agreement entered into with LRC-FRSM.

The agreement was made to settle its secured debt obligations and remove the security over the company's Canadian assets.

Under the terms of the agreement, Fortune has issued unsecured debentures in the principal amount of C$5m to Lascaux and C$3.75m to the other secured creditors.