Options on three Mexican copper properties are being acquired by Exall Resources (TSE) through the takeover of Mexican-based Cerro de Cobre. The properties — Santo Tomas, Verde Grande and San Martin — are estimated to contain reserves of more than one billion pounds copper.
Under the agreement, Exall can acquire a 100% interest in Cerro through an exchange of up to two million Exall shares. Exall will issue one million shares to Cerro on closing, an additional 500,000 shares on completion of a positive feasibility study on any of the three projects, and 500,000 shares on commencement of commercial production.
The most advanced property is the Santo Tomas copper porphyry deposit, which has preliminary reserves of 195 million tonnes grading 0.52% copper. Field work is to begin immediately on the Santo Tomas and Verde Grande deposits. The agreement is subject to director and regulatory approval. In other developments, Exall President Stephen Roman, Invar Building Corp. and William F. Cooke Enterprises have purchased more than 1.4 million common shares of Exall from Denison Mines (TSE) for investment purposes.
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