4th Nov 2013 11:02
LONDON (Alliance News) - Mariana Resources Ltd Monday said it is proceeding with an option it has to earn a 70% interest in Condor Resources Inc.'s gold-silver-copper Soledad prospect in Peru after successful due-diligence.
"It is our intention over the next few months to perform a systematic soil and rock sampling programme, in addition to better integrating existing geophysical data, to define drill targets with the view of commencing drilling in the first half of 2014," Mariana Chief Executive Glen Parsons said in a statement.
The Soledad property is in the central Peruvian Andes, about 34 kilometres to the south of the Pierina gold-silver mine operated by Barrick Gold Corp, and has drill permits for the whole site.
It will acquire the interest by spending USD4 million on direct exploration costs and by paying owner Condor USD1.125 million in cash.
Mariana Resources shares were up 20.3% at 4.27 pence Monday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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