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Article: Mexico : Gleichen Announces Proposed Acquisition of 78.8% of Morelos Project.
- Article from:
- TendersInfo
- Article date:
- August 8, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...