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Middle Island extends offer for Alto

26th July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Suitor Middle Island Resources has extended the takeover offer period for fellow listed Alto Metals until the close of business on September 30.

Middle Island at the end of June increased its scrip offer for Alto from five Middle Island shares held for every one Alto share, to six Middle Island shares for every one Alto share.

The increased offer valued Alto shares at about 5.4c each, up from the initial 4.5c each, Middle Island said.

Alto owns the Sandstone gold project, which is currently estimated to host some 261 000 oz of gold in the East Murchison mineral field of Western Australia.

Middle Island also owns a Sandstone project, with an estimated indicated and inferred mineral resource of 537 000 oz, and an exploration target of between 900 000 oz and 1.5-million ounces.

Middle Island has previously announced plans to integrate the two assets and immediately embark on an updated feasibility study to determine the economics of a gold processing plant.

To date, Middle Island has acquired a 1.52% interest in Alto Metals.

Edited by Creamer Media Reporter

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