Convinced its share price is undervalued, Adrian Resources (TSE) plans to acquire up to 1 million shares of its capital stock through a normal course issuer bid.
Adrian’s major asset is its interest in two advanced copper deposits in Panama. The combined minable resource of the Petaquilla and Botija deposits is estimated at 495 million tonnes grading 0.53% copper and 0.124 grams gold per tonne based on a 0.19% copper-equivalent cutoff grade.
Teck (TSE) may earn a 26% interest in the project by funding a feasibility study while Adrian retains 26% and Metall Mining (TSE) holds the balance. Shares acquired under the plan will not be canceled; rather, they will be dealt with as the board sees fit. Adrian has about 28 million shares outstanding.
Adrian is also exploring other properties in Panama, near its advanced Petaquilla project. This exploration effort is focused on copper-gold targets, as well as epithermal gold prospects.
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