Arequipa acquires Peruvian company

A joint venture between Arequipa Resources (VSE) and Peruvian-based Acuarios Minera y Exploradora has culminated in a merger.

Arequipa increased its interest in the Peruvian company to 100% by issuing 10.5 million of its common shares to the vendor shareholders of Peru Mineral Ventures, the parent company of Acuarios.

Acuarios Minera’s land holdings in Peru exceed 137,000 hectares, including 15 copper porphyry targets, a land position along the Paron gold trend and the Ferrol property in the Yanacocha district.

Last year two discoveries were made, including the Paron gold deposit in northern Peru and the Los Pinos copper oxide deposit 145 km southeast of Lima. Asarco (NYSE) is earning a half interest in the latter and can purchase an additional 40% for US$5 million.

Preliminary minable reserves at Los Pinos are estimated at 37.8 million tonnes grading 0.4% copper. A prefeasibility study by Kilborn Engineering is under way.