Deals this week: Santacruz Silver Mining, Minera Gold, Pacific Ridge and more

18 September 2014 (Last Updated September 18th, 2014 18:30)

Santacruz Silver Mining has signed a pre-paid silver purchase agreement with JMET to sell 4.635 million ounces of silver for $28.4m until August 2019.

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Santacruz Silver Mining has signed a pre-paid silver purchase agreement with JMET to sell 4.635 million ounces of silver for $28.4m until August 2019.

In addition to the agreed cost, JMET will pay Santacruz an additional amount per ounce of silver depending on the minerals' market price at the time.

Santacruz will use the proceeds from the silver sale to develop its second project, San Felipe, in Sonora State of Mexico.

Minera Gold has completed the deal to purchase San Santiago gold and copper processing plant in Peru for $5.5m.

The acquisition also includes 9,000ha of nearby mining and exploration rights.

San Santiago gold and copper processing plant comprises a newly refurbished gold unit and two copper units to treat both oxide and sulphide copper mineral.

When the acquisition is completed, Minera will control San Santigo's copper toll treatment business, which is valued at approximately $19m in the market.

Pacific Ridge Exploration has entered into an option agreement with Centerra Gold over the King Solomon gold project at the Klondike gold district in Yukon.

Under the deal, Canterra may buy a 70% stake in King Soloman by paying $665,000 to Pacific Ridge or the underlying property vendors, and a further $4.5m for exploration work at the mine by 31 December 2017.

With 7,500ha in the Klondike gold district, the King Solomon project has one of the largest and strongest gold-in-soil anomalies in the region.

Thor Mining has executed a formal share sale and purchase agreement to purchase the Pilot Mountain tungsten project in Nevada, US.

Previously on 10 June, Thor also signed a term sheet with Black Fire Minerals for the proposed acquisition of the Pilot Mountain tungsten project that was subject to normal due diligence and necessary shareholder and regulatory approvals.

The latest acquisition is subject to Black Fire obtaining the necessary approval from their shareholders by 30 October.

Northern Gold Mining has signed an agreement with St Andrew Goldfields to use milling services for its Garrcon open pit mine / mill in Canada.

Under the nine month deal, Andrew will mill a minimum of 80,000t of bulk sample.

Northern Gold will use a mine production closure plan to produce around 150,000t of bulk sample.

The company has already kept a stock of the material and is soon expected to begin processing of the mineral.

Northern Gold will fund the bulk sample programme through a secured debt facility provided by a third party lender.


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

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