Toronto-listed Consolidated TVX Mining Corp. has signed letters of interest whereby TVX will issue shares from treasury to purchase interests in three Brazilian gold mining companies as well as an option to increase its interest in a platinum bet in the same country.
The company is acquiring 29% of CMP, a public gold mining company in which TVX already holds a 15% interest. With this transaction TVX will become the largest CMP shareholder with 44%. The company will also acquire 19% of Novo Astro, a private company which operates a gold mine in the state of Ama pa in northern Brazil.
The third letter of intent sees TVX purchasing 16% of Teles Pires Mining, a company which controls the mining rights to 350 km of the Teles Pires River. This would bring TVX’s share of Teles Pires up to 51%.
At present, one dredge is operating on that river and is expected to produce at a rate of 10,000 oz this year.
TVX has also acquired the right to purchase an additional 10% interest in the platinum prospect held in joint venture with RTZ Mineracao. TVX currently holds a 29.4% interest in the property.
The above are subject to regulatory and shareholder approval. To effect the share exchange transactions, TVX will issue 7.8 million shares to the respective vendors of these properties.
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