Sign up USA
Proactive Investors - Run By Investors For Investors

Canamex Resources shares boosted as it consolidates Bruner holding

Patriot retains a 2% net smelter return (NSR) royalty on the Bruner properties
Canamex  Resources shares boosted as it consolidates Bruner holding
Canamex said the deal offered shareholders greater leverage to the exploration upside on the property and an increase in the price of gold

Shares in Canamex Resources (CVE:CSQ) surged 32% as it closed an acquisition, which consolidates its 100% ownership in the Bruner property in Nevada.

Canamex has purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1 million in cash.

Patriot retains a 2% net smelter return (NSR) royalty on the Bruner properties, including any claims acquired within a two-mile area of interest around the existing claims.

Additionally, Canamex has the option to buy down half of the Patriot NSR for US$5mln in the next five years.

Canamex's chief executive Mark Billings told investors:  "This acquisition consolidates our 100-per-cent ownership stake in the greater Bruner property, and offers our shareholders greater leverage to the exploration upside on the property and an increase in the price of gold."

Meanwhile Patriot Gold's chairman Bob Coale, said: "Consolidation of Patriot's interest in the Bruner project exemplifies our corporate mission of finding partners to develop our projects while maintaining an interest in the properties through net smelter returns.

"We are looking forward to the continued success of the Bruner gold project."

Canamex shares gained 32% to 16 cents.

View full CSQ profile View Profile

Canamex Gold Corp Timeline

Video
January 08 2018

Related Articles

Gold Road Resources' Ian Murray with investors at Proactive's CEO Sessions
October 05 2017
Ian Murray discussed gold exploration plans with investors at Proactive's CEO Sessions.
 Björkdal is a standout but miner Mandalay’s resilience underlined by this year’s production stats
Fri
Mandalay is a multi-mine firm, and is not reliant on one project.
1516018988_Anglo-Asian---Gedabek.jpg
Mon
Anglo Asian Mining has been pressing ahead with plans to boost production at its mines in Azerbaijan
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use