Ajax Resources PLC on Thursday reported it has struck a conditional deal for the acquisition of a new licence area near its Eureka project, and provided an update on its potential takeover of a Jujuy mining project.
The London-headquartered natural resources investment company confirmed on Thursday that its wholly-owned Argentine subsidiary Puna Metals SA will exercise its option to acquire the Minas La Escondida, a mining project in the province of Jujuy.
The purchase will be made from an unnamed local investor for $80,000.
This was further to Ajax’s prior conditional agreement for the acquisition of the mine, announced in May.
Ajax also on Thursday said it has agreed the terms for a conditional takeover of the La Nortena licence area, which is to the north of its Eureka project.
The company will buy the La Nortena licence area, which covers 6,300 hectares, for $22,500 from an unnamed local investor.
Both parties have until August 15 to negotiate the final terms of the deal, and there is no certainty that it will complete.
‘The vendor and Puna intend to enter into an agreement to exploit alluvial gold extraction (limited to gold located within 6 [metres] of the surface) at La Nortena,’ said Ajax.
‘The vendor will receive 20% of the profits generated from this activity. After 24 months from the start of this activity, which will be subject to local approvals, Puna will have the option to purchase the vendor’s profit share for $115,000.
‘The costs of establishing the alluvial gold extraction activity will be met by Puna.’
Ajax intends to undertake a second closing of its subscription for £500,000 at 5 pence per share, anticipated on or before July 11. This follows its first closing of a subscription to raise £1.0 million on Tuesday.
Ajax shares were last traded at 3.07 pence on the Aquis Exchange on Wednesday.
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