Deals this week: Fission 3.0, Red Crescent Resources, GFK Resources and more

6 February 2014 (Last Updated February 6th, 2014 18:30)

Fission 3.0 has closed an option agreement with Brades Resource to explore Clearwater West project in Canada.

Deal

Fission 3.0 has closed an option agreement with Brades Resource to explore Clearwater West project in Canada.

Brades has agreed to acquire a 50% stake in Fission 3.0's Clearwater West project, which is located in the south-western Athabasca Basin region in Saskatchewan.

Fission will operate the project, which features three contiguous claims totalling 11,835ha in the south-west area of Canada's Athabasca Basin.

The development is south of Fission Uranium's Patterson Lake South (PLS) project.

Clearwater West is an early stage exploration project prospective hosting high-grade uranium mineralisation.

Red Crescent Resources (RCR) has agreed to sell all of its assets and subsidiaries to Ebullio Mining.

Under the share purchase agreement (SPA), Ebullio will acquire the entire issued share capital of RCR Holding Anonim Sirketi.

RCR agreed not to dispose the note for a period of two years following closure, in case Ebullio has a claim against it pursuant to the SPA.

Ebullio will also settle outstanding debts of RCR and its subsidiaries up to limits agreed to by the parties.

RCR is a base metals-focused mineral exploration and mine development company with operations in Turkey.

GFK Resources has completed the previously-announced option agreement with Adventure Gold.

As per the deal, GFK has acquired an exclusive option to acquire a 100% stake in 446 claims covering an area of 22,189ha or 222 km², known as the Casa-Cameron project.

As part of the deal, GFK has paid $250,000 to Adventure Gold and issued 2,000,000 common shares.

The closure was subject to corporate and regulatory approvals and the delivery of the required documents.

Both firms now plan to proceed with the $1.5m phase one programme on the project.

Exxaro Resources has secured a mining convention for the Mayoko iron ore project, located in the Republic of Congo.

The Republic of Congo Government and Exxaro have signed a final agreement in relation to the development of the project.

The mining convention is subject to the fulfilment of certain conditions precedent, notably in relation to the execution of definitive agreements for Exxaro's access to rail and port facilities.

Exxaro had previously indicated that production from Mayoko is scheduled to start in the second half of this year at a rate of 30,000t per month, and then increasing to two million tonnes per annum from 2015.

Production is expected to be around ten million tonnes per annum from 2019.

Altona Energy has signed a memorandum of understanding (MoU) in relation to the development of Arckaringa project in South Australia.

The MoU was signed by British Virgin Islands company Sino-Aus Energy and Wintask, the company's 29.04% shareholder.

The MoU includes 'in principle' terms for an investment in Arckaringa, which is subject to due diligence and the agreement of the final contract.

According to Altona, the MoU states the parties' intention to invest RMB300m ($49m) into Altona and the Arckaringa project, to fund the completion of the bankable feasibility study.

Altona anticipates to complete the due diligence on or before 15 May.

Altona focuses on the evaluation and development of its coal-to-liquids Arckaringa project to exploit the huge coal resources contained in three exploration licences covering 2,500km² in the northern portion of the Permian Arckaringa Basin in South Australia.

The project is designed to include a combined-cycle power station adding 560MW to the national grid, and to produce clean burning fuel for Australia.


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

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