TORONTO (miningweekly.com) – TSX Venture Exchange-listed Gleichen Resources has decided to exercise its right of first refusal to buy the 21,2% in the Morelos project, in Mexico, that it does not already own.

The stake is currently held by a subsidiary of Goldcorp, which announced last month it had agreed to a sale to Newstrike Capital for C$44,5-million and 15-million shares.

Gleichen intends to buy the 21,2% interest for “not less” than the price agreed to between Goldcorp and Newstrike, the firm said in a statement late on Wednesday.

"This is a marvelous opportunity to consolidate this asset under one single ownership structure," said Gleichen CEO Fred Stanford.

"We are certainly looking forward to starting our exploration work and be in a position to consistently deliver updates on our progress," he added.

Gleichen bought its 78,8% in the Morelos project in November from Teck Resources, which has  sold its noncore gold assets over the last year.

The Morelos project is located in the state of Guerrero, about 180 km to the southwest of Mexico City.

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