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Canaco Buys Copper-Gold Exploration Assets In Ethiopia
   
 
 January 22 Posted by: Bini | 22-01-2010, 01:20 |
 
   
 
Canaco Buys Copper-Gold Exploration Assets In EthiopiaCanaco Resources Inc. (CAN.V: News ) announced that the company has entered into a letter of intent with Beijing Donia Resources Co. Ltd. to acquire 70% of the outstanding shares of Harvest Mining PLC, a private Ethiopian exploration company.

Harvest owns 100% interest in 605 km2 of exploration concessions in the Tigray state of Ethiopia. These concessions host several identified gold enriched, polymetallic volcanogenic massive sulphide prospects.

The company said that the purchase price is C$6.0 million, payable on closing with $4.0 million in cash and issuance of an additional 3.5 million shares to Donia at a deemed price of $0.57 per share.

The acquisition of Harvest by Canaco is subject to a 90 day due diligence period, and obtaining approvals from third parties, the TSX Venture Exchange and shareholders, if required, the company added.

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by RTT Staff Writer - Read Here
  
 
 


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