VANCOUVER (miningweekly.com) – TSX-V-listed Orefinders Resources has entered into agreements for a series of three acquisitions of adjoining properties from two individual landholders and from private company Premet.
Orefinders said in a press release on Thursday that it views the Shining Tree District as a significantly underexplored and a not well understood region of Ontario’s Abitibi, which holds great potential for a district scale mining camp.
Orefinders’ Shining Tree consolidated land package now includes 67 claims and 14 patented leases covering over nearly 2 348 ha, which makes the company a significant mineral landholder in the region.
Under the terms of the acquisition, Orefinders has agreed to issue 22.76-million shares and 3.41-million warrants to acquire 100% of Premet shares and warrants. To acquire a 100% interest in the Tyrenite Extension and the Porphyry Lake claims, Orefinders will be issuing five-million shares from its treasury.
All the properties that Orefinders is acquiring are subject to existing and various legacy royalties. Closing of the acquisitions remains subject to final approval of the TSX-V Exchange, as well as certain other customary conditions.