9th Aug 2021 15:22
Caerus Mineral Resources PLC - London-headquartered mineral miner focused on Europe - Completes purchase of Gold Mines (Cyprus) Ltd for GBP300,000. The deal will see Caerus buy three new licences hosting partially delineated Volcanogenic Massive Sulphide copper-gold and gold oxide deposits. Caerus describes the acquiree as a "private, Cypriot-registered, exploration and mining company with three additional advanced copper - gold exploration properties".
Due diligence drilling has "strongly confirmed" the potential for both copper-gold VMS and gold oxide mineralisation, Caerus claims. A mining licence application has been submitted for the Anglisides property noted for high-grade gold oxide mineralisation.
The deal will be funded through the recent sale of Caerus's Black Pine nickel-cobalt project and associated licences to Aeramentum Resources Pty Ltd, for a total consideration of GBP500,000.
Martyn Churchouse, chief executive officer of Caerus commented: "The acquisition is another important step in the company's growth and development with these three new licences meeting both our brownfield acquisition policy and waste to revenue strategy."
Current stock price: 22.30 pence, up 3.7% on Monday afternoon
Year-to-date change: up 72% from March 19
By Will Paige; [email protected]
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