Deals this week: Cleveland Mining, Avalon Minerals, African Copper and more

9 May 2013 (Last Updated May 9th, 2013 18:30)

Cleveland Mining has entered into a Memorandum of Understanding (MoU) to acquire 80% of three iron ore projects in Brazil.

Deals

Cleveland Mining has entered into a Memorandum of Understanding (MoU) to acquire 80% of three iron ore projects in Brazil.

The projects in the states of Salvador da Bahia and Mina Gerais comprise more than 1,200km² and have shown potential for a substantial amount of iron ore with grades typical of Brazilian product.

Avalon Minerals has announced that it has inked a heads of agreement with Hannans to purchase the Discovery Zone copper-iron prospect, located in northern Sweden, for A$4m ($4.09m).

The Discovery Zone prospect comprises the Rakkurijarvi exploration permit and the Discovery Zone exploitation concession application.

African Copper has signed a Letter Of Intent (LOI) to purchase certain mineral leases in the Kalahari Copperbelt region of Botswana, Africa known as the Pinette Property.

The area where the licenses are located has been widely characterised as an extension of the Kalahari Copperbelt or KCB, which runs from Zambia through Botswana and into Namibia.

Stonewall Resources has announced that it has signed a conditional deal with China's Shandong Qixing Iron Tower concerning the possible sale of the former's subsidiary Stonewall Mining.

The duo has been in discussions regarding the potential sale, with Shandong saying it will offer a minimum of A$140m ($143.2m) for the subsidiary.

Taku Gold and Argentium Resources have signed a binding LOI to form a JV for the purpose of exploring and developing Argentium's 17-claim Sill Lake property in Van Koughnet Township, located 30km north of Sault Saint, Marie, Ontario.

Under the terms of the deal, Argentium will grant Taku exclusive rights to earn a 50% stake in the Sill Lake property in consideration of the issuance of 10 million common shares in the capital of Taku and $700,000 in expenditures on the Sill Lake property to be incurred by Taku.


Image: Several mining deals were signed worldwide this week. Photo: cooldesign.

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