Thursday, 13th April 2006 (2806 views)

Alexis Minerals has struck an agreement with Aur Resources to acquire the Aurbel Gold Mill in Quebec.

Canadian exploration firm Alexis bought a 50 per cent interest in the Aurbel property in February 2006, a deal that included a 90-day option to purchase the remaining 50 per cent interest and a 100 per cent interest in the Aurbel Mill for $4 million.

Under the new agreement Alexis has agreed to pay $3 million, while Aur will retail a 2.5 per cent Net Smelter Royalty for the Val-d'Or property.

David M Rigg, president and chief executive of Alexis Minerals, described the acquisition as forming a "critical centre" of the company's gold strategy. "This is a very good business opportunity for Alexis, in a climate of increasing gold prices," he said.

Under the deal, Alexis will also purchase Aur's Val-d'Or exploration office for $550,000.

The Aurbel property hosts several prospective gold showings, together with the past-producing Ferderber and Dumont gold mines. It covers around 100 square kilometres.

 

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