MINING MARKETS & INVESTMENT NEWS — Glamis acquires Mar-West

Reno, Nev.-based Glamis Gold (GLG-T) has acquired Mar-West Resources.

Glamis issued 7.5 million shares and paid $6.7 million cash to complete the deal. For every two shares held, stockholders of Mar-West had the option of receiving either one share of Glamis or 0.8 of a Glamis share plus 96 cents.

Mar-West’s key asset is its wholly owned San Martin hot springs gold deposit in central Honduras. The open-pit, heap-leach prospect contains a geological resource of about 18.5 million tonnes grading 1 gram gold per tonne, equivalent to 600,000 contained ounces. The stripping ratio is estimated to be 0.22-to-1.

Meanwhile, Mar-West says it has received encouraging values from widely space drilling at another hot springs gold prospect — Cerro Blanco in southeastern Guatemala. These are expected to be released shortly.