20th Jan 2016 08:41
LONDON (Alliance News) - Mariana Resources Ltd on Wednesday said Sandstorm Gold Ltd has acquired a package of royalties which includes a 2.0% interest in the Hot Maden gold-copper project in Turkey.
Sandstorm has acquired the package of royalties from Teck Resources for USD22.0 million, Mariana said.
Part of the package is a 2.0% interest in Hot Maden, in which Mariana holds a 30% interest.
"Encouragingly, this third-party purchase of the Hot Maden high grade gold-copper 2% net smelter royalty gives Mariana shareholders and investors a benchmark valuation of what is achievable in terms of cash flows going forward in the future," said Glen Parsons, Mariana's chief executive.
Mariana shares were up 7.8% to 1.725 pence early Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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