Deals this week: New Jersey Mining, International Millennium Mining, Prospero Silver

4 February 2016 (Last Updated February 4th, 2016 18:30)

New Jersey Mining has completed its previously announced acquisition of a 50% interest in Butte Highlands Joint Venture.

Coal Mine

New Jersey Mining has completed its acquisition of a 50% interest in Butte Highlands Joint Venture.

Butte Highlands owns the fully permitted, underground Butte Highlands gold project south of Butte, Montana, US.

New Jersey Mining's interest in Butte Highlands is carried to production by the JV partner Montana State Gold, which is funding all mine development costs.

International Millennium Mining has signed an agreement to purchase royalty interest to acquire Silver Reserve's remaining interests in the Nivloc, Nevada Property.

Pursuant to the agreement, International Millennium will pay Silver Reserve $110,000 for the Nivloc property interests.

Under the agreement, the company will retain a time-limited option to purchase Silver Reserve's royalty interest for $120,000, on or before 24 December 2016.

Prospero Silver has signed an agreement with Exploraciones del Altiplano in respect of new work programmes on the San Luis del Cordero property in Durango State, Mexico.

The new agreement will allow Prospero to complete its acquisition of the 100% of the Cordero property.

A previous agreement signed on 29 August 2008 contemplated Prospero completing an exploration programme at Cordero with staged payments of cash.

"The new agreement will allow Prospero to complete its acquisition of the 100% of the Cordero property."

IDM Mining has completed its purchase of Oban Mining's portfolio of Yukon properties.

The company granted a 1% net smelter royalty over the properties and certain other rights to Oban, as consideration.

The Yukon portfolio comprises around 14,500 claims covering 11 project areas, consisting of 52 claim groups spanning 300,000ha.

Oban Mining has signed a letter of intent to acquire 100% of the Souart property in the Urban Barry greenstone belt, in Souart and Barry Townships, Québec.

The property is held by Multi-Ressources Boréal (M-R Boréal) currently and is located 90km east of Lebel sur Quevillon.

Under the agreement, M-R Boréal will receive consideration of 500,000 common shares of Oban and $200,000 in exchange for 100% ownership of the 33 claims that make up the Souart property.


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