Article: Mexico : Gleichen Announces Proposed Acquisition of 78.8% of Morelos Project.

Byline: pinto03

Gleichen Resources Ltd. is pleased to announce it has entered into an agreement dated August 6, 2009 to acquire 78.8% of the Morelos Project from Teck Resources Ltd. ("Teck") (TSX:TCK.B) via the acquisition of Oroteck Mexico S.A. de C.V. ("Oroteck") from Teck's subsidiaries Teck Metals Ltd. and Teck Exploration Ltd., for a purchase price of US$150 million and a 4.9% stake in Gleichen post financing. Oroteck owns 78.8% Series A shares in the capital of Minera Media Luna S.A. de C.V., holder of the concessions comprising the Morelos Project.

The Morelos Project is an advanced stage gold exploration property located in the state of ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!