Shareholders of Mt. Grant Mines recently approved a name change to Venezuelan Goldfields (VSE) to reflect the junior company’s growing exposure to mineral projects in Venezuela and other Latin American countries.
The name change followed two separate joint venture agreements with Queenstake Resources (TSE) and Carson Gold (VSE) to explore and develop gold concessions in Venezuela’s Bolivar state.
Venezuelan Goldfields will have a 60% interest in the joint venture with Carson Gold, and will provide funds to explore and develop gold concessions Carson has acquired, or is in the process of acquiring, in the Kilometre 88 district.
At the special meeting in early January, shareholders also approved a proposed acquisition of a company holding a 50% interest in various mineral concessions in Honduras. The company’s shares will be acquired from Robert Friedland, the principal shareholder of Venezuelan Goldfields. As a result of a recent private placement, the company realized gross proceeds of $1.16 million, which will
be used for development of various projects in Latin America.
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