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Serabi Gold acquires Sao Domingos exploration license in Brazil
StockMarketWire.com
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Mining company Serabi Gold said it had acquired the Sao Domingos exploration license in Brazil, located to the west of the Sao Chico deposit there.
The asset was acquired from Brazil Americas investments and Participation Mineracao for $0.1 million plus a 2% net smelter return royalty over future gold production generated from the licence area.
Serabi Gold said Sao Domingos would add a further 4,999 hectares to its portfolio and hosted multiple active and abandoned artisanal workings, which had produced significant levels of gold.
The property had been subject to past exploration activity in the late 2000's and early 2010's, including a limited surface diamond drilling programme.
'The Sao Domingo tenement has been a property we have had an interest in for some years,' chief executive Mike Hodgson said.
'We see this acquisition as an excellent addition to the Sao Chico project as we try to realise the value of the immediate surrounding district.'
At 9:32am: (LON:SRB) Serabi Mining PLC share price was +2p at 104.5p
Story provided by StockMarketWire.com
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