Deals This Week: Polymetal, Denison, PanAust and More…

24 February 2011 (Last Updated February 24th, 2011 18:30)

JSC Polymetal has entered into a binding letter of intent with Olsen Business to acquire a 100% interest in the mining and exploration licence for the Kutyn gold deposit in Russia. The acquisition, worth $67m, covers 120km² of land in the Tuguro-Chumikan district of

JSC Polymetal has entered into a binding letter of intent with Olsen Business to acquire a 100% interest in the mining and exploration licence for the Kutyn gold deposit in Russia.

The acquisition, worth $67m, covers 120km² of land in the Tuguro-Chumikan district of the Khabarovsk territory, and is located 113km north-west of Albazino, Russia.

Denison Mines and White Canyon Uranium have entered into a Bid Implementation, under which Denison has made a takeover offer to acquire 100% of the issued and outstanding shares of White Canyon at a price of AUD0.24 ($0.24) per share for a total consideration of about AUD57m ($57.3m).

PanAust has received approval from Presidential Decree to acquire a majority stake in the Inca de Oro copper-gold project in Chile from Corporación Nacional del Cobre de Chile (Codelco) .

PanAust will make an initial investment of $45.3m of equity into Inca de Oro to acquire 66% of the firm and acquire study data and tenements from Codelco.

The firm will invest $10m further by 30 June 2011 to fund a feasibility study on the project.

Thelon Capital has entered into an option to purchase interest in a private mining company located in Tennessee, US.

Thelon will pay $35m to acquire 100% of the outstanding shares of the company and $7m in surety bonds.

Indonesia's PT Kilau Sumber Perkasa will acquire a 22.5% interest in Robust Resources' Indonesian subsidiary, PT Gemala Borneo Utama (PT GBU) for AUD$30.7m ($31m).

PT GBU is the local Indonesian entity that owns the mining rights to the company's Romang Island project.