Deals This Week: Abcourt, Exeter, Puda Coal and More…

3 March 2011 (Last Updated March 3rd, 2011 18:30)

Abcourt Mines has acquired the Vendome property, comprising 15 half claims, located in range ten of Fiedmont township and range one of Barraute township in Canada, from Xstrata subsidiary Xstrata Zinc. The transaction includes 400,000 shares of the capital stock of Abcou

Abcourt Mines has acquired the Vendome property, comprising 15 half claims, located in range ten of Fiedmont township and range one of Barraute township in Canada, from Xstrata subsidiary Xstrata Zinc.

The transaction includes 400,000 shares of the capital stock of Abcourt, 2% net smelter return royalty on any production originating from the Xstrata Zinc property and the right to purchase or treat any concentrate produced from the Xstrata Zinc property on competitive terms.

Exeter Resource Corporation has entered into an option agreement with Xstrata Copper to acquire 100% of the Sideral project located in the Maricunga gold district of Chile.

Under the terms of agreement, Exeter will acquire 100% of the Sideral property by meeting growing annual drilling requirements to a total of 15,000m (49,213ft) within four years.

After the drilling is completed, Xstrata has a once-only back-in right to acquire a 60% interest in the property, provided the discovery of a deposit of greater than 100 million tons at +0.5% copper has been made.

Puda Coal's subsidiary Shanxi Puda Coal has completed acquisition of mining assets of the remaining coal mines under phase II of the Pinglu project.

According to the acquisition agreement, Puda has paid $37.43m for Anrui Coal, $9.16m for Xiapingcun Coal, and $20.96m for Chuntouao Coal mines under the Pinglu project.

Blackgold Resources has entered into heads of agreement to buy a 100% stake in the WuShan coal mine from Chonqing Yihua Mining in south-west central China for $12m.

Tosca Mining has signed a letter of intent to acquire a 100% interest in an advanced stage moly-copper project in Presidio County, Texas, US.

Tosca will pay $10.9m in cash and issue 2.1 million common shares over a five-year period, while earning an equity interest.