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Sale of Exploration Leases

20 Feb 2008 16:14

Mercator Gold PLC20 February 2008 Mercator Gold plc SALE OF EXPLORATION LEASES London: 20 February 2008 - Mercator Gold plc ("Mercator" or "the Company") ispleased to announce the sale of certain of its non-core exploration leases inthe Meekatharra district of Western Australia to Silver Swan Group Ltd ("SilverSwan"), an ASX listed company. The tenements are prospective for base metals,gold and industrial minerals*. The tenements being sold comprise 46 granted tenements and 14 grantedapplications covering approximately 600 sq km representing about 30% of theCompany's total land-holdings in the Meekatharra District. The consideration for the sale of the tenements to Silver Swan will be satisfiedby the issue to Mercator of 10,000,000 fully paid Silver Swan ordinary shares ofA$0.20 each and 4,000,000 Silver Swan performance shares. These performanceshares will convert to fully- paid ordinary shares subject to certain terms andconditions, the most notable of which is the proving up of 350,000 ounces ofgold, or gold equivalent, in to the indicated resource category. Silver Swanpresently has 23,350,001 shares in issue. Mercator's initial shareholding of tenmillion shares will represent approximately 30% of the issued capital of SilverSwan. The transaction is subject to a due diligence process and the receipt ofapproval from the shareholders of Silver Swan. Michael Elias, a non-executive director of Mercator, will assume theNon-Executive Chairman position of Silver Swan and Dr Susan Vearncombe, formerGeneral Manager-Geology of Mercator Gold plc will become the Managing Directorof Silver Swan. Managing Director of Mercator Gold, Patrick Harford, said: "The rational for the sale is the tenements, none of which are contiguous withMercator's core holdings covering the Paddy's Flat, Yaloginda, Nannine and Reedyareas, contain numerous base metals and gold prospects that require significantexploration to develop their full potential; the sale to Silver Swan will allowthat potential to be quickly realised whilst delivering significant benefits toMercator's shareholders; and Silver Swan presently has A$2.4 million availablefor exploration expenditure and is expected to aggressively develop thepotential of the tenement package." * Maps illustrating the tenements sold as well as the tenements retained can befound in the Press Release section of the Mercator website atwww.mercatorgold.com . For further information please contact: Mercator Gold plc Terry Strapp, Chairman Tel: +61 (0) 412 228 422Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010 Email: info@mercatorgold.comWebsite: www.mercatorgold.com Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888 Simon RothschildKeith IronsOliver Winters AIM: MCR This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
14th Jun 202410:45 amRNSIssue of Equity, TVR & PDMR Dealing
10th Jun 20247:35 amRNSTambo: Photon analysis grades up to 51.5 g/t gold
31st May 20247:04 amRNSFurther Significant Increase in Gold Grades
7th May 20247:07 amRNSSignificant increase in gold grades at Creswick
23rd Apr 202411:48 amRNSResult of AGM
23rd Apr 20247:02 amRNSAGM Statement
18th Apr 20247:05 amRNSSalary Sacrifice, Admission of Shares and TVR
8th Apr 20247:06 amRNSCreswick drill results indicate larger ore bodies
2nd Apr 20247:00 amRNSAnnual Report & Audited Results YE 30th Sept 2023
14th Mar 20247:04 amRNSPlacing raises £585,000 & Joint Broker Appointed
14th Mar 20247:02 amRNSIssue of Equity, Total Voting Rights, PDMR Dealing
15th Feb 20241:36 pmRNSBoard Changes
5th Feb 20249:55 amRNSPreliminary findings from Creswick drilling
23rd Jan 20247:03 amRNSBoard Change
15th Jan 202412:46 pmRNSFurther re the sale of Non-Core Assets
10th Jan 20247:04 amRNSReview of Lolworth Project
18th Dec 20237:05 amRNSSale of Non-Core Assets
14th Dec 20237:01 amRNSIssue of Equity, Total Voting Rights, PDMR Dealing
12th Dec 202310:50 amRNSDrilling Underway at the Creswick Project
11th Dec 20237:04 amRNSUpdate on Planned Drilling at Creswick
1st Dec 20237:18 amRNSSalary Sacrifice Share Admission and TVR
24th Nov 20231:18 pmRNSECR Board members attending Mines and Money
20th Nov 20237:04 amRNSLolworth Results Suggest Extended Mineralisation
16th Nov 202310:55 amRNSCorrection - Director Share Agreements
16th Nov 20237:36 amRNSUpdate on Drilling & Director Share Agreements
31st Oct 20237:05 amRNSGold Bearing Quartz Veins Discovered at Lolworth
23rd Oct 20237:04 amRNSEncouraging Gold Results from Lolworth Project
20th Oct 20235:09 pmRNSCancellation of Share Options
20th Oct 20234:56 pmRNSTermination of option to acquire Hurricane Project
6th Oct 20234:08 pmRNSResult of General Meeting & Total Voting Rights
5th Oct 20237:05 amRNSHurricane: Final Rock Chip Results & Prospectivity
2nd Oct 20237:04 amRNSHurricane Option Extension & Rock Chip Results
27th Sep 202311:07 amRNSAdditional License Application at Kondaparinga
25th Sep 20239:18 amBUSExtended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth Project
21st Sep 202310:34 amBUSAsset Overview and Evaluation
19th Sep 20237:34 amBUSPosting of Circular, Notice of GM, Directors Share Agreements & PDMR Dealing
18th Sep 20237:04 amBUSConditional Fundraise of £580,000 & Proposed General Meeting
15th Sep 20231:12 pmBUSBoard and Management Changes
15th Aug 20233:09 pmBUSGold & Niobium Rock Chip Results from the Lolworth Project
10th Aug 20237:15 amBUSRock Chip Results from Tambo Licence EL7484 and Renewal of Bailieston Licence EL5433
8th Aug 20237:06 amBUSLatest Results for Lolworth Gold, Niobium, Tantalum and REE Samples
20th Jul 20233:15 pmBUSFurther Gold Results from Soil Sampling at Quartz Hill, Creswick
19th Jul 20232:57 pmBUSInitial interpretations of pXRF analysis from the first Lolworth Range Niobium Soil Grid
12th Jul 202312:18 pmBUSPotential Exploration Targets Defined from LIDAR Survey at Hurricane Project
30th Jun 202310:42 amBUSHalf-year Report
25th May 202312:38 pmBUSPotential for Rare Earth Minerals at the Lolworth Range Project, Queensland
22nd May 20237:59 amBUSVictoria Exploration and Queensland Project Updates
9th May 20238:30 amBUS2023 Exploration Season Commences at the Lolworth Range Project, Queensland
9th May 20237:04 amBUSFunds From Sale of Bailieston Property Now Received
2nd May 20233:32 pmBUSFurther Gold Results from Creswick Soil Sampling Campaign

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