Deals this week: Lara Exploration, San Marco Resources, Lundin Gold

18 December 2014 (Last Updated December 18th, 2014 18:30)

Lara Exploration has signed a letter of intent with Goldplata Mining International to consolidate their respective interests in the Condoroma and Murindo copper porphyry projects.

Lara Exploration has signed a letter of intent with Goldplata Mining International to consolidate their respective interests in the Condoroma and Murindo copper porphyry projects.

Under the agreement, other porphyry prospects will also be added into a new company with a mandate to explore and develop copper porphyry projects in Peru, Colombia, as well as other South American countries.

The Condoroma Copper Porphyry project comprises 20,842ha mineral properties within the prolific Andahuaylas-Yauri copper porphyry belt of southern Peru and the Murindo Copper Porphyry project comprises 16,000ha of mineral properties in the Western Cordillera of Colombia.

San Marco Resources has signed a two-year option agreement with Argonaut Gold to acquire a 457ha concession that contains gold targets in the El Chunibas area of the Cuatro de Mayo District, northern Mexico.

The company can earn a 100% interest in the concession by paying Argonaut a total of $50,000 over two years under the terms of the agreement.

Argonaut will retain a 1% NSR royalty on any future production.

Lundin Gold has closed the acquisition of a 100% interest in the Fruta del Norte gold project in Ecuador from Kinross Gold for $240m.

Kinross has agreed to lock-up 50% of the share consideration for a period expiring 17 May 2015 and the remaining 50% for a period expiring 17 December 2015.

As previously announced, shareholders approved the acquisition of FDN, the financing of the acquisition and the name change of the company from Fortress Minerals to Lundin Gold.

Bowmore Exploration has signed a letter of intent to acquire 100% of potential high grade silica production and a 50% interest in the Amherst property from a private company.

The property is located in the township of Amherst, Quebec, Canada, and is composed of four claims covering approximately 212ha.

The company is preparing an initial drill programme to corroborate the discovery of high purity quartzite from drilling done by Laurentian Silica Mines and Steetley Industries between 1958 and 1981.

Saint Jean Carbon has closed the transaction to acquire the 100% interest in Miller East and Page properties.

The company issued 3,000,000 common shares as partial consideration for the Miller East and Page Properties at a deemed value of $0.05 per share.

Miller East comprises nine mineral claims covering about 540ha, located in Quebec, and the second property, Page, comprises of one claim number consisting of 16 claim units, comprising 256ha located within the Porcupine District of Central Ontario.