Photo by: Bloomberg
PERTH (miningweekly.com) – Minerals explorer Oro Verde has acquired private explorer Goldcap Resources to gain a foothold in Nicaragua.
Goldcap is an Australian entity which has established a presence in the Central American country, most specifically its San Isidro project, about 70 km from Managua.
The concession falls within the La India gold mining district, which hosts the historical La India gold mine, which produced about 576 000 oz of gold between 1938 and 1956.
“This is very exciting for Oro Verde as there is tremendous potential in Central America and particularly in Nicaragua, which has been underexplored over the past 30 years and where we now have the opportunity, through Goldcap’s initial project and the strong relationships they have established, to build a significant project portfolio leading to a successful mining development,” said Oro Verde chairperson Wolf Martinick.
Under the terms of the acquisition, Oro Verde would issue 15-million fully paid shares, at 0.8c each, 66-million three-year options, exercisable at 1c each, and 66-million five-year options at 5c each.
The issue of the 15-million fully paid ordinary shares has been completed, and was within the company’s current 15% placement capacity.
To date, Oro Verde has focused its exploration attention on Chile.