Business
Equitas Resources Corp. Completes Acquisition of Alta Floresta Gold Ltd.; Acquires 100% Interest in Brazilian Gold Assets
Vancouver, BC (FSCwire) - Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US:EQTRF) (Frankfurt: T6UN) is pleased to announce that it has recei
About this update from Altamira Gold Corp
[{"type":"text","content":"Vancouver, BC (FSCwire) - Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US:EQTRF) (Frankfurt: T6UN) is pleased to announce that it has received final TSX Venture Exchange approval and has finalized the acquisition of Alta Floresta Gold Ltd. (“Alta Floresta Gold”) as announced on January 15, 2016. Alta Floresta Gold has also increased its working interest in all of the Brazilian gold properties from 60% to 100%. Equitas through Alta Floresta Gold indirectly owns a 100% interest in six gold properties with four production licenses, and over 184,410 hectares of landholdings in Mato Grosso and Para states of central Brazil. The flagship Cajueiro gold project (the “Cajueiro Project”) encompasses 39,053 hectares and is located 95 kilometers north of the city of Alta Floresta, which will be the location of the Company’s operations base in Brazil. Alta Floresta Gold was successful in increasing its equity share in Alta Floresta Gold Mineracao S.A., (Alta Floresta Mineracao) its Brazilian operating subsidiary, from 60% to 100% by further investment and agreed acquisition from the minority stake holder ECI Exploration & Mining Ltd. The immediate focus for Equitas will be to increase current gold production at the Cajuiero Project and to identify additional resources in the known mineralized areas. Currently Alta Floresta Gold is realizing small-scale sluice-box production from the mineralized alluvium and saprolite. As part of the expansion plan Equitas plans to acquire, and put into production, a gravity processing plant that is located near the Cajueiro Project. An exploration program is currently being planned with the intention to further define and expand the resources at the Cajuiero Project. It is expected that the program will consist of bulk sampling, trenching and diamond and rotary air blast (RAB) drilling. In connection with the transaction, Equitas issued 103,653,283 common shares to former shareholders of Alta Floresta Gold and 5,282,324 stock options to former optionholders of Alta Floresta Gold exercisable for a period of three years at a price of $0.15 per share. All securities issued in connection with the transaction are subject to a four moth hold period. The following are brief biographies on Equitas’ new directors, officers and technical operators: Kyler Hardy as Chairman, ...