International Goldfields and US-based Santa Fe Gold Corporation have signed a merger agreement to create a gold/silver entity with a market capitalisation of around A$70m ($72.5m).

The combined company will be a low cost gold-silver explorer, developer and miner with projects in West Africa, Brazil and the US.

Australian company Hannans Reward has signed an agreement to sell its Discovery Zone prospect in Kiruna, Sweden, to Avalon for $4m.

The divestment is part of Hannans’ business strategy to divest non-core assets and fund the development of its Kiruna Iron Project in Sweden and copper-gold portfolio in Scandinavia.

Canadian iron ore company Century Iron Mines Corporation has increased its stake in the Duncan Lake iron project in western Quebec from 51% to 65% under a joint-venture agreement with Augyva Mining Resources.

The company offered $14m to expand its interest in the project.

Greenland Minerals and Energy has completed the acquisition of the Kvanefjeld multi-element project in Greenland.

The company purchased the 39% stake in the project it did not already own for A$5m plus 74,824,998 shares and 4,999,520 options exercisable at 75 cents.

US-based Spruce Ridge Resources has obtained the approval of Northern Abitibi Mining shareholders to acquire its Viking Gold property.

As part of the transaction, Spruce Ridge will pay $200,000 in cash over 12 months and issue up to 10 million in shares for a 100% interest in the Viking project.