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Caerus Minerals completes the acquisition of Gold Mines Cyprus Ltd

Published: 03:01 09 Aug 2021 EDT

Jubilee Metals Group PLC -

Caerus Mineral Resources PLC (LSE:CMRS) said it has completed its acquisition of Gold Mines (Cyprus) Limited for a total consideration of £300,000, funded through the recent disposal of the Black Pine nickel-cobalt project and associated licences as announced on 29 July 2021.

Three new licences have been acquired, hosting a partially delineated volcanogenic massive sulphide copper-gold deposit as well as gold oxide deposits.

Due diligence drilling undertaken by Caerus has strongly confirmed the potential for both copper-gold VMS and gold oxide mineralisation.

A mining licence application has been submitted for the Anglisides property, which is noted for high-grade gold oxide mineralisation and significant mineralised widths of copper-gold sulphides at, or near, surface.

The three licences have a legacy of small-scale mining and host ore stockpiles, waste dumps and tailings.

Gold Mines of Cyprus also has three additional advanced copper-gold exploration properties, each with a mining history and excellent potential for discovery of further high-grade, copper-gold mineralisation.

"The acquisition is another important step in the company's growth and development with these three new licences meeting both our brownfield acquisition policy and Waste to Revenue strategy,” said Martyn Churchouse, chief executive of Caerus Mineral Resources.

“The agreement with Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) for the treatment and recovery of residual metals from surface materials, together with the more recent agreement with Bezant Resources PLC for the future mining of hard rock resources fits the model allowing Caerus to continue building the foundations of a mineral resource. This will comprise both surface materials and hard rock mineralisation that can be processed in a common processing facility to which Caerus will deliver feedstock, whereupon the expertise of our partners takes over the mining and processing of ore and waste materials."

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