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Serabi Gold plc : Completion of acquisition of ...
Serabi Gold plc : Completion of acquisition of ....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Gold plc : Completion of acquisition of the Coringa gold project, BrazilFor immediate release 22 December 2017Serabi Gold plc(\"Serabi\" or the \"Company\")Completion of acquisition of the Coringa gold project, Brazil Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to report that it has now completed the acquisition of 100 per cent of the issued share capital and inter-company debt of Chapleau Resources Ltd (\"Chapleau\"), a Canadian registered company previously wholly-owned by Anfield Gold Corp (\"Anfield\"). Chapleau holds the Coringa gold project (\"Coringa\") located in the Tapajos gold province in Para, Brazil. Coringa hosts a mineral resource estimate of 376,000 ounces of gold, including an Indicated Resource of 195,000 ounces of gold with an average grade of 8.4 grammes per tonne (\"g/t\"), which has been prepared in accordance with the reporting requirements of the standards of NI 43-101. Estimated mineral reserves, included with the mineral resource, are 160,000 ounces of gold. Coringa is located some 70 kilometres to the south-east of the town of Novo Progresso which is approximately 130 kilometres by road to the south of Serabi's current mining operations at Palito. Completion of the acquisition occurred on 21 December 2017 (\"Closing\"). Serabi has made an initial payment to Anfield on Closing of US$5 million in cash (\"Initial Consideration\"). A further US$5 million in cash is payable within three months of Closing and a final payment of US$12 million in cash will be due upon the earlier of either the first gold being produced or 24 months from the date of Closing (both payments together being the \"Deferred Consideration\"). The total proposed consideration for the acquisition amounts to US$22 million in aggregate. Significant Benefits of the transactionThe Board of Serabi believes that the acquisition of the Coringa gold project has a number of key benefits including:Coringa hosts an Indicated Mineral Resource of 195,000 ounces of gold at 8.36 g/t and an Inferred Mineral Resource of 181,000 ounces gold at 4.32 g/t (the \"Coringa Mineral Resource Estimate\") prepared in accordance with the reporting requirements of the standards of NI 43-101.Coringa is ...