Gran Colombia drops deal

Ongoing turmoil in the Russian economy has prompted Gran Colombia Resources (GRM-T) to defer plans to acquire an 80% interest in the Pokrovskoye gold project in the Amur Oblast region.

The junior company’s agreement-in-principle to acquire the Russian project was conditional on satisfactory completion of the due diligence. The company says it would not be “appropriate” to pursue the project further, given the current economic and political situation in Russia. Gran Colombia intends to resume its pursuit of advanced mineral projects elsewhere in the world. With US$9.3 million in working capital, the junior says it is “well-positioned for obtaining a controlling interest in an appropriate producing property.”