Vancouver-listed Dual Resources, a subsidiary of Serengeti Diamonds (VSE), is selling Sociedad Ordinarie de Minas Carmen to the Colombian-based subsidiary of Greenstone Resources (TSE).
Sociedad owns the Carmen gold deposit and a 595-hectare land package, both within Antioquia province. Proven, probable and possible reserves total 687,789 tonnes grading 11 grams gold per tonne.
Greenstone’s subsidiary, Compania Minera Oronorte, is completing a public offering of its shares on the Colombian stock exchanges. The offer is subject to Oronorte listing on these exchanges.
Dual will receive US$300,000 plus US$700,000 worth of Oronorte’s common stock at the initial offering price. In addition, Dual will receive a net smelter return royalty of 1.75% for gold less than US$350 per oz. and 2.25% for a gold price greater than US$350 per oz.
A minimum royalty will be paid after production begins.
Be the first to comment on "NEWS ROUNDUP — Dual sells Carmen mine to Greenstone"