Vancouver-based capital pool company Empire Mining (EPC-V) has completed the qualifying transaction it first announced in mid-September, with Global Securities acting as sponsor.
Empire has cut a deal with Anatolia Minerals Development (ANO-T) to earn a 65% interest in the latters Bursa copper-molybdenum-gold porphyry property in western Turkey.
With this qualifying transaction completed, Empires shares will start trading Monday at the Tier II level on the TSX Venture Exchange, using the updated ticker EPC.
Empire can earn its 65% interest in Bursa from Anatolia by completing four steps: paying Aanatolia US$520,000 in cash over five years; paying over five years Empire shares totalling 5% of Empires fully diluted share capital five years from now; spending US$7.5 million on exploration within five years; and completing a prefeasibility report within six years.
Situated 120 km south of Istanbul, the Bursa property covers 429 sq. km within a belt of copper and molybdenum porphyry systems in Bursa and Kutahya provinces.
Empire notes that drilling by Rio Tinto years ago on one of these systems, Karapinar, intersected 0.36% copper, 51 parts per million (ppm) molybedenum and 0.1 gram gold per tonne over 221 metres from surface and 0.31% copper, 152 ppm molybdenum and 0.07 gram gold over 54 metres at a depth of 273 meters in the same hole.
Empire plans to start out with geochemical and geophysical surveying, and geological mapping in order to firm up drill targets, especially at Karapinar.
Empire currently has $1.4 million in working capital, which it says is enough to complete its qualifying transaction and fund its first year of exploration at Bursa.
Empires board is composed of chairman, president and CEO Kenneth P. Judge, and directors John Prochnau and Robert Giustra. Sean McGrath and Jacqueline Collins are the chief financial Officer and corporate secretary, respectively.
Anatolia, meanwhile, remains focused on developing its advanced, 100%-owned pler gold project in Turkey.
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