Canada Tungsten ups position in Minerex

By way of private placement, Canada Tungsten Mining Corp. (TSE) has agreed to purchase additional shares and warrants of Minerex Resources (VSE) for $1.8 million. Upon completion of this transaction, the company’s stake in Minerex will increase from 29.9% to 43.1%, and may reach 50% should Canada Tungsten choose to exercise all its warrants.

Minerex is operator and 50% joint venture partner in the Aurora heap leach gold mine near Hawthorne, Nev. The mine is in production and has a rated capacity in excess of 20,000 oz annually. Canada Tungsten says Minerex will be actively seeking additional gold properties.