Chesbar eyes Buena Vista (April 15, 2002)

Chesbar Resources (CBI-T) has inked a deal with joint-venture partner Intrepid Minerals (IAU-V) to boost its stake in Guatemalan-based Minera Mayamerica to 100% from 70%.

Mayamerica holds six licences covering the 250-sq-km Buena Vista nickel magnesium laterite project in Guatemala’s Izabal state.

Under the deal, Chesbar can acquire the 30% stake by issuing 1.2 million shares to Intrepid. The deal has yet to be approved by regulators.

Chesbar has commissioned an independent resource calculation update and is testing the recoveries of nickel, magnesium and cobalt from the project’s laterite material.