Osborne receives buy-back approval

Osborne and Chapel Goldfields (TSE) has received final approval to purchase Odin Mining and Investment’s 48.6% interest in the company for US$1.65 million.

Under the transaction, Osborne will retain a 25% interest in the Los Lilenes project, an operation engaged in exploration and development of alluvial gold properties in Ecuador.

Shareholders at a recent special meeting also voted to write off the company’s deficit by US$25.3 million.