Europe-focused explorer Caerus Mineral Resources on Monday announced an agreement to add to its portfolio in Cyprus, buying a private company that holds copper/gold exploration properties.
The company will buy Cyprus Gold Mines (CGML), a Cypriot-registered exploration and mining company that holds three advanced copper/gold exploration properties, each with a mining history and potential for discovery of further high-grade, copper/gold volcanogenic massive sulphide (VMS) and epithermal gold deposits.
The Anglisides, Pano Lefkara and Layia licences show not only prominent evidence of unmined resources, but also copper/gold-bearing oxide and waste stockpiles on-surface.
Preliminary feasibility studies conducted by CGML for gold recovery from surface waste without the use of cyanide, will be inherited by the company and fast-tracked to feasibility.
The transaction between the company and CGML values the acquisition of CGML's issued shares and its licence assets at £300 000, payable upon completion.