Cornucopia bids for Minerex

Flush with cash after the sale of a 25% interest in the Ivanhoe property to Newmont last year, Cornucopia Resources (TSE) recently entered an agreement-in-principle with Canada Tungsten Mining (TSE) to purchase all the issued shares of Minerex Resources U.S.

Although full details of the agreement have not been released, the purchase price totals US$3.6 million together with 2-year warrants to purchase 250,000 shares of Cornucopia.

Canada Tungsten gained control over Minerex Resources following a 3-way merger of the two companies and Canamax Resources late last year. Closing of the agreement is scheduled for March 31. If completed, the agreement will take effect retroactively as of Jan.