Deals this week: Timberline Resources, Forte Energy, Petaquilla Minerals and more

8 May 2014 (Last Updated May 8th, 2014 18:30)

Timberline Resources has signed an agreement to acquire certain gold properties of Wolfpack in Nevada, US.

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Timberline Resources has signed an agreement to acquire certain gold properties of Wolfpack in Nevada, US.

The deal includes about C$5.3m in cash, including the current $1m loan from Wolfpack to Timberline, that will be cancelled in exchange for 42,932,063 shares of Timberline's common stock.

Following the transaction, Timberline shareholders will hold 64% of its outstanding shares and Wolfpack will have the remaining stake.

The transaction is subject to customary conditions, shareholder approvals and regulatory and stock exchange approvals.

Forte Energy has signed a deal to acquire Kuriskova and Novoveska Huta, Slovakia uranium projects from European Uranium Resources.

The company will issue 915,937,500 fully paid ordinary shares and C$1m to European Uranium on completion of the deal.

Additionally, Forte will grant European Uranium a 1% production royalty for the Kuriskova and Novoveska Huta uranium licenses.

The transaction is subject to approval from regulatory authorities, as well as shareholders of both companies.

Petaquilla Minerals (PTQ) has struck a deal with First Quantum Minerals subsidiary, Minera Panama, to transfer some of its assets and property rights for $60m.

The transaction will ensure the separation of PTQ's Molejon Gold mine and the Cobre Panama copper project, which are being developed by First Quantum.

Minera Panama will initially pay $3.3m as part of the second amendment, with an additional $46.7m to be paid if PTQ meet specific deliverables before 6 July.

PTQ will transfer 99,735ha of exploration concession in the region to MPSA, 551.5ha at the north end of its Molejon mining concession area, sole ownership of the Llano Grande Road, and 833.3ha of land at Cobre Panama project, among others.

PTQ will continue operations at its Molejon Gold production facility and Panama Desarrollo de Infraestructuras.

Anglo Asian Mining has signed copper sales contract with Industrial Minerals for its copper concentrate from the Gedabek gold-copper-silver mine in western Azerbaijan.

Under the three-year deal, Industrial Minerals will buy copper produced in the form of a precipitated copper sulphide concentrate by-product at Anglo Asian's sulphidisation, acidification, recycling and thickening (SART) plant at Gedabek.

Anglo Asian Mining said it has 75t of dry copper concentrate and 550t of wet copper concentrate stockpiles ready to sell.

Iron Creek Capital has signed a letter of intent with Chilean exploration company Minera Fuego to acquire five mining concessions with the potential for gold, silver and copper in northern Chile.

Iron Creek's Chilean subsidiary will purchase the San Guillermo, Calvario-Mirador, San Valentino, Bronce Weste and Reina Hija concessions.

The transaction is subject to due diligence review by Iron Creek and will be completed within 60 days.

As per the terms, Iron Creek will grant Fuego a 2% net smelter royalty (NSR) on precious metals and a 1% NSR on base metals mined from the concessions.

Iron Creek will have the right to acquire 50% of each NSR on each property from Fuego for $5m, on a property by property basis.


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

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