April 12, 2017398.19 KB
FOR IMMEDIATE RELEASE
GOLDMINING TO ACQUIRE BELLHAVEN AND ITS COLOMBIAN GOLD-COPPER PROJECT
- The transaction creates one of the largest gold-copper resource portfolios in Colombiaꞌs Mid Cauca Belt;
- Bellhavenꞌs flagship La Mina Project, one of the highest grade gold porphyry projects in the Americas, is located southeast of GoldMiningꞌs Titiribi Project in the Mid Cauca Belt, which is seeing increased activity by companies such as Cordoba Minerals and HPX Exploration (San Matias), Continental Gold (Buritica), IAMGOLD and Gran Colombia (Zancudo), and AngloGold Ashanti and B2Gold (Nuevo Chaquiro);
- La Mina hosts the Middle Zone and La Cantera deposits and several prospects including La Garrucha, El Limon, El Oso, Media Luna and Buenavista;
- Bellhaven published a pit-constrained resource at a 0.25 g/t gold cut-off for the Middle Zone and La Cantera deposits in October 2016 totaling 1.01 million ounces gold equivalent grading 1.12 g/t gold equivalent in the indicated category and 0.43 million ounces gold equivalent grading 1.07 g/t gold equivalent in the inferred category as detailed in Table 1 below;
- La Garrucha aeromagnetic anomaly is substantially larger than those associated with either the La Cantera or Middle Zone deposits. The last drill hole completed at La Garrucha intersected 271 m grading 1.03 g/t gold and 0.13% copper;
- Follow-up drilling is planned at La Garrucha to extend mineralization identified in previous programs and to provide a basis for calculating an updated mineral resource estimate;
- A total of 106 diamond drill holes in 36,815 m have been completed at La Mina to date;
- Exploration applications totaling approximately 4,375 Ha in area and located between Titiribi and La Mina Projects have been submitted by GoldMining to the Mining Secretariat of Antioquia; and
- Bellhaven shareholders will receive 0.25 GoldMining shares for each Bellhaven share held, and overall the transaction represents approximately 6% dilution to GoldMining shareholders for a transaction value of $13.5 million based on GoldMiningꞌs share price as of the close on April 11, 2017.
Read more ...