Fresh from negotiating a successful buyout of Arequipa Resources, former president Catherine McLeod-Setlzer has found a new challenge: looking for minerals in China.
McLeod-Setlzer was recently appointed president and chairman of Zen International Resources (ZQP-V), shares of which began trading on the Vancouver Stock Exchange in November.
The formerly private company was acquired by Cryptic Resources earlier this year, whereupon Cryptic changed its name to Zen and consolidated its shares on the basis of one new common share for five existing shares.
Zen took over Cryptic’s interests in several mineral prospects in China, one of which is a joint venture with the Chinese government to study and develop the Purple Mountain gold and copper deposit in Fujian province.
Under the agreement, Zen must carry out exploration and prepare a bankable feasibility study at an estimated cost of US$12 million. In return, it will earn a 60% interest.
Zen has also formed a joint venture with the China Lingnan group to expand operations at the Lingnan gold mine in Shandong province. The project area comprises some 6 sq. km. Zen can earn a 51% interest by spending US$5-10 million on exploration and a bankable feasibility study.
Prior to her involvement with Zen, McLeod-Setlzer was instrumental in negotiating the takeover of Arequipa by Barrick Gold (ABX-T). The deal cost Barrick $512 million in cash and 13.4 million shares.
Arequipa’s principal asset was the massive Pierina gold property in Peru, now owned by Barrick
The junior also had properties near Pierina and elsewhere in the country.
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