Under the proposed agreement with Doelcam Mining Corp., Thorco will acquire through its London, England-based subsidiary Centurion Exploration, a 50% stake in Doelcam Mining (Caledonia) in exchange for shares of Centurion.
When the deal is completed, Thorco will have a 53.5% stake in Centurion while Doelcam retains a 46.5% interest. At the same time, Doelcam is putting up $500,000 in loan financing for Centurion, convertible into shares at Centurion’s option.
In addition, Dennis MacLeod, who controls Doelcam Mining will become chairman of Centurion.
Two (Argyll and Dalradian) of the three mineral licences which Thorco is acquiring, are located in west-central Scotland near Ennex International’s Tyndrum gold deposit. Reserves at Tyndrum stand at 950,000 tons grading 0.3 oz gold per ton and 1.67 oz silver.
The third (Kildonan) licence is located in north-east Scotland at the site of a former placer gold rush. With a 2-year exploration program fully financed, Caledonia is active on all three licences.
In other news, Sindor Resources (COATS) of Toronto recently bought 300,000 units of Thorco for $150,000. Each unit consists of one 40 cents share and one 10 cents warrant, exercisable within two years at 40 cents .
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