Deals this week: Solid Resources, Red Eagle Mining and more

25 October 2012 (Last Updated October 25th, 2012 18:30)

Canadian junior mining company Solid Resources, through its subsidiary Solid Mines España, has signed an option agreement with Lorente Y Pallares to fully acquire 62 iron ore concessions and metallic mining licences.

Canadian junior mining company Solid Resources, through its subsidiary Solid Mines España, has signed an option agreement with Lorente Y Pallares to fully acquire 62 iron ore concessions and metallic mining licences.

Located across 1,030ha in south eastern Spain, the licences will be purchased for €900,000 plus €2.1m after one of the 62 concessions goes into production.

Canada-based gold exploration and development company Red Eagle Mining will acquire certain mineral exploration rights from Bullet Holding for 905,000 common shares of Red Eagle and 1.5% net smelter returns royalty over the acquired properties.

The exploration rights are located over 35,910ha, adjacent to Red Eagle Mining's Santa Rosa gold project in Colombia.

Crosshair Energy, which owns uranium and vanadium projects in the US and Canada, signed a letter of intent to acquire all prospective uranium properties of Wealth Minerals in Argentina.

Crosshair will pay C$1m in cash and issue one million of its common shares to Wealth Minerals for the properties, which are located in Salta, Catamarca and Chubut provinces.

Minerals North, the US subsidiary of Uranium North Resources and Diamonds North Resources, has acquired a 100% interest in the historic Talisman Mine in Ferry County, Washington, US.

An earlier sampling programme at the mine discovered mineralisation of 144g/t silver, 3.45% copper, 6.3% lead and 6.91% zinc.

Mining and exploration company Red Rock Resources has divested a part of its holding in Australian mining company Jupiter Mines.

Funds from the sale will be used to rebalance the company's assets and liabilities, reduce risk and enhance liquidity.

Canadian exploration company Bluestone Resources has acquired a 100% stake in the Shorty Creek and Richardson projects located in Alaska, US.

The company acquired the projects through a Bankruptcy Court-approved sale of assets held by US-based Tri-Valley Corporation.