BELGRADE (Serbia), July 4 (SeeNews) – UK-based gold and copper miner Tethyan Resources has said it closed the acquisition Serbian company Taor and immediately commenced drill programme at the priority Kizevak zinc-lead-silver brownfield target.
The acquisition of Taor’s exploration licenses, located adjacent to the Suva Ruda project, increases Tethyan’s landholding to a total of 443 square kilometres in Southwest Serbia and Northern Kosovo, the UK-based company said in a statement on Tuesday.
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The exploration licenses of Taor are located in the northern part of the Trepca mining district, the largest lead-zinc-silver mining complex in Yugoslavia during the 1970s, which remains prospective for lead-zinc-silver discoveries as well as porphyry copper-gold mineralisation, Tethyan said.
"We see the acquisition of Taor as a pivotal moment for Tethyan. Tethyan now controls a very significant land package in a historic mining district that includes multiple historic zinc-lead-silver and copper-gold exploration targets, as well as previously-producing small-scale mines," the CEO and president of Tethyan, Fabian Baker, said.
During the process of finalising the acquisition, Tethyan was granted the right to begin permitting for a drill programme, and immediately commenced a 1,000-metre drill programme within an area of historical exploration targets, along-strike from the past-producing Kizevak mine, Baker added.
In accordance with the terms of the acquisition of Taor, Radomir Vukcevic has been appointed a director of Tethyan and will assume the role of Vice-President – Development, in order to oversee and implement metallurgical, mining and processing evaluations and planning on the company’s exploration targets.
Pursuant to the transaction, Tethyan issued 7,000,000 ordinary shares to Vukcevic, which represents approximately 15.78% of the current issued and outstanding ordinary shares of the company, and paid 125,000 euro ($145,500) in cash as consideration for Taor.
Tethyan also agreed to pay Vukcevic 125,000 euro in cash on the date being 90 days after the closing of the transaction, and issue an additional 5,000,000 ordinary shares in the capital of the company on the 12 month anniversary of closing the deal.
($ = 0.859014 euro)