Aim-listed African Minerals, which is headed by former African Platinum and Zimbabwe Platinum CEO Roy Pitchford, has agreed to buy Canadian explorer White River Resources for £2,36-million in shares, the company announced on Thursday.

White River owns various mineral claims interests and has rights to earn-in mineral claims interests in Yukon, Canada, including the Kluane nickel and platinum-group elements prospect.

The property was previously owned by Falconbridge, but was bought by White River following the takeover by Xstrata of Falconbridge.

As part of its agreement with Xstrata, White River has committed to spend at least C$4-million on exploration on the prospect between 2008 and 2012.

African Minerals has also agreed to sign a management agreement with one of the owners of White River, Umbono Capital Partners, the company said in a statement.

African Minerals has a large portfolio of mineral rights in Sierra Leone, where it mines diamonds, and is exploring for iron ore, gold, base metals, uranium and diamonds.

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