GOLD 1223.59 $/ozChange: 2.16
PLATINUM 1337.00 $/ozChange: 6.00
R/$ exchange 11.16Change: 0.02
R/€ exchange 14.35Change: 0.02
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Breaking News
Teck Resources acquires Colombian project for C$1.5m
Embed Code Close
10th July 2012
Text Smaller Disabled Text Bigger

TORONTO ( – Exploration junior Colombian Mines on Tuesday said it had received regulatory approval for diversified miner Teck Resources to acquire an option to earn into 70% of its Colombian Yarumalito project.

Through making a private placement of C$1.5-million, at 53c a unit, the transaction represents a 70% premium over Colombian Mine’s share price.

Under the earn-in agreement, Teck is subject to fully funding a $10-million exploration programme, with the aim of completing enough drilling to calculate a Canadian National Instrument 43-101-compliant resource estimate.

"We are pleased to have regulatory and shareholder consent to this important transaction and we look forward to a strong working relationship with a significant partner like Teck at Yarumalito,” Colombian Mines CEO Robert Carrington said in a statement.

Yarumalito is one of 26 projects owned by Colombia Mines within the country and this single transaction was said to have a potential commercial value of more than $15.5-million to the company, or 160% of its current market capitalisation.

Edited by: Creamer Media Reporter


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login

Previous Play Next