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Market: TSX
Sector: General Mining
Epic: CGH
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Web Site: Canadian Gold Hunter
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Canadian Gold Hunter

Canadian Gold Hunter

Canadian Gold Hunter has a large portfolio of gold/copper projects in Canada, Mexico and several countries in South America. Projects range from grass-roots to advanced-stage exploration.

Thursday, July 02, 2009

Canadian Gold Hunter gobbles up Sanu Resources in all share deal

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Canadian Gold Hunter Corp. (TSX: CGH) announced that it would acquire junior exploration company, Sanu Resources (TSXV: SNU) in an all share deal.

Canadian Gold Hunter will issue 0.5725 shares for each Sanu Resources share, which based on the 20 day volume weighted share price of the two companies represented a 25% premium for Sanu Resources shareholders. Post transaction, Sanu Resources shareholder will hold 17.8% of the combined entity.

The transaction has been approved by the board of Sanu Resources.

Canadian Gold Hunter said the deal would bring in a “strong portfolio of gold and base metal exploration projects in Africa.” Sanu’s most advanced asset is the Hambok deposit in Eritrea which hosts a 43-101 compliant indicated resource of 10.7 million tonnes grading 0.98% copper, 2.25% zine, 6.84 grams per tonne silver and 0.2 grams per tonne gold at a 0.75% zinc cutoff, plus a further 17 million tonnes of 0.85% copper, 1.74% zinc, 5.89 grams per tonne silver and 0.19 grams per tonne gold in the inferred category.

Hambok is located only 15 kilometres from the Bisha deposit being developed by Nevsun Resources (TSX & AMEX: NSU) and the Eritrean Government.

Canadian Gold Hunter current interests are in Canada, Mexico, Argentina, Chile, Colombia and Peru. Its most advanced project is the Josemaria copper/gold porphyry project with a 43-101 inferred resource of 460 million tonnes grading 0.39% copper and 0.30 g/t gold at a 0.3% TCu cut-off, containing 3.9 billion pounds of copper and 4.4 million ounces of gold


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