Deals this week: Midway Gold, Ensurge, Reservoir Minerals

12 November 2015 (Last Updated November 12th, 2015 18:30)

Midway Gold and Waterton Global Resource Management have signed an agreement to sell Midway Gold US’ 30% interest in the Spring Valley joint venture to a subsidiary of Waterton Precious Metals Fund II Cayman for $25m.

Midway Gold and Waterton Global Resource Management have signed an agreement to sell Midway Gold US' 30% interest in the Spring Valley joint venture to a subsidiary of Waterton Precious Metals Fund II Cayman for $25m.

Under the agreement, Waterton will acquire all of Midway's interest in the JV and any other interests in real property and mining claims in Pershing County, Nevada, US.

The transaction is not subject to financing or additional due diligence.

Ensurge has entered into a joint venture with Ophir Group pursuant to which the latter provided $135,000 project capital in exchange for a royalty on gold production.

The JV project Bonu1 comprises 12 Banu mining claims near the Issano creek on the Mazaruni river.

The project, which is one of two exploratory pilot land operations in the Mazaruni river region of Guyana, operates near Issano Creek.

Reservoir Minerals' subsidiaries Tilva and Global Reservoir Minerals have entered into an agreement with Rio Tinto Mining & Exploration relating to Reservoir's four wholly owned exploration permits in the Timok Magmatic Complex.

The four permits include Nikolicevo, Kraljevica, Coka Kupjatra and Tilva Njagra in Serbia.

Under the terms of the agreement, Rio Tinto will have the option to earn up to a 75% interest in stages by sole funding project expenditure of up to $75m.

Telferscot Resources has signed a letter of intent (LOI) to sell 7.4% interest in Kolwezi Copper (KCC).

The sale will close in two tranches.

The first tranche of 575 KCC shares will close coincident with the execution of a definitive agreement and the second tranche of 2,200 KCC shares is expected to close in January next year.

Laramide Resources has signed a letter of intent (LOI) with Uranium Resources (URI) to acquire 100% of an advanced stage portfolio of In Situ Recovery projects in New Mexico.

Located within a large land package in the heart of the Grants Mining District in McKinley County, the properties consist of the Church Rock and Crownpoint projects.

Laramide will pay a total amount of $12.5m to URI for the acquisition.