Caerus Mineral Resources PLC (LON:CMRS) acquired a private, Cypriot-registered exploration and mining company, giving it a further suite of advanced copper-gold exploration licences in the Republic of Cyprus.
Caerus Minerals has agreed to pay £750,000, via the issue of new shares, for PR Ploutonic Resources Ltd (PRL) and its licences. The exact number of shares to be issued will be announced later.
“Each of the three licences acquired, Troulli, Kokkinapetra and St. Nicholas, has evidence of historic production with non-JORC resources remaining both open pittable and underground, plus copper-gold bearing oxide and sulphide ore, tailings, and waste stockpiles at-surface at the Troulli site,” Caerus said.
“All three properties also have excellent potential for the discovery of further high-grade VMS [Volcanogenic Massive Sulphide] copper-gold and epithermal gold deposits.”
Andrew Daniels, a director and co-vendor of PRL, is also a non-executive director of Caerus, making it a related party transaction.
"This acquisition represents an important addition to our licence portfolio and particularly in terms of our gold inventory,” said Martyn Churchouse, chief executive of Caerus Mineral.
“Whilst the transaction comes at an early stage in the company's development, it is important to note that exploration is well-advanced on two of the three licences and we believe we can quickly convert exploration results to mineral resources adding shareholder value in the process," he said.
The acquisition is subject to shareholder approval on April 28.