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Volta expands its footprint to the Pilbara

20th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore and gold-focused explorer Volta Mining has expanded its footprint to the Pilbara, announcing on Wednesday that it had acquired 19 exploration licences in the region, including the direct shipping ore (DSO) Newman iron-ore project.

Volta has entered into an agreement to acquire all the issued capital of Pilbara Commodities, in exchange for 45-million fully paid shares, at an issue price of 3c each, and a number of options.

The transaction was subject to a number of conditions, including due diligence by both companies and Volta raising about A$1.5-million.

“This is an exciting acquisition for Volta Mining. It presents a real opportunity to further establish the company on the iron-ore stage,” said Volta MD David Sumich.

He noted that the Newman project was complementary to the company’s existing portfolio of iron-ore assets in Gabon, adding that Volta was excited to start the next stage of exploration.

Besides the Newman project, Pilbara Commodities also owns the West Pilbara iron-ore project, the Bengemall copper/zinc/manganese project, and the Pannawonica nickel/copper project.

Edited by Creamer Media Reporter

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