Last checked at 22 Oct 2013 07:00
AURUM MINING PLC
("Aurum" or "the Company")
Exercise of farmout Option
Further to its announcement on 7 October 2013, Aurum Mining plc (AIM: AUR) is pleased to announce that Plymouth Minerals Limited ("Plymouth") (ASX: PLH) has exercised its option to acquire a majority stake in the Company's Morille tungsten project ("Morille" or "the project").
The legal documentation to support the transaction is now being prepared and completion and settlement are expected to take place in early November 2013.
The key terms of the transaction were outlined in the Company's announcement on the 7 October 2013.
Sean Finlay, Aurum's Chairman, said:
"We have been impressed with the way Plymouth have conducted themselves through the due diligence process and we remain confident that they be a strong partner for Aurum on the project. We look forward to working with Plymouth in delivering value from Morille."
Contacts: | |
Aurum Mining plc | www.aurummining.net |
Chris Eadie, Chief Executive Officer | +44 (0) 20 7499 4000 |
WH Ireland Limited | Nominated Adviser & Broker |
Mike Coe | +44 (0) 117 945 3470 |
Notes to Editors:
Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 60% interest in the Pino de Oro project in Zamora Province and a 54% interest in the Peralonso and Cabeza projects in Salamanca Province.
Tungsten
Aurum's 100% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating the production from the site of high quality tungsten concentrates from mineralisation grading up to 1% WO3.