Business
Proposed Acquisition and Suspension of Listing
Proposed Acquisition and Suspension of Listing.
About this update from Mila Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3434F\n Mila Resources PLC\n 16 November 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) 596/2014 (MAR). ON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources\n 16 November 2020\n Mila Resources Plc (\"Mila Resources\" or \"the Company\")\n Proposed Acquisition of New Generation Minerals and Suspension of Listing\n \n Mila Resources, a London Stock Exchange traded natural resource focused company, is pleased to announce that it has entered into non-binding Heads of Terms with regard to the possible acquisition of 100% of the share capital of New Generation Minerals Limited (\"NGM') to be satisfied by the issue of New Ordinary Shares of the Company ('the Proposed Transaction').\n \n New Generation Minerals\n \n NGM is a UK private company, whose principal asset is the Kathleen Valley gold project (\"Project\") in Western Australia. The Project is located in the prolific Wiluna-Norseman gold belt which hosts several world-class mines owned by a number of premier Australian gold companies including Northern Star and St Barbara. NGM holds other nickel and cobalt assets in Western Australia including a JORC inferred resource of 3.8 Mt Nickel-Cobalt project and one copper-gold project in Argentina.\n \n \n \n \n \n The Kathleen Valley gold project has been discovered next door and on strike to recent discoveries by ASX listed Bellevue Gold, a company that has made substantial discoveries in the region particularly with the Deacon and Viago extensions of the historic Bellevue mine located 7km south of the Project. In June 2020, Bellevue made a discovery at its Government Well prospect, which is on the western boundary of the NGM Project. Bellevue has grown substantially in the last year, and now has a market capitalisation of over A$1.1 billion.\n \n \n \n \n \n NGM built its land package by consolidating control of several groups. In May 2019, NGM commenced drilling at the Project and made its first discovery holes. NGM carried out further drilling in September 2020 with peak gold grades of 13.95 g/t. NGM intends to continue to drill intensively and develop the minera...