Red Mountain Mining Limited (RMX) is pleased to announce it has signed a non-binding term sheet for the proposed acquisition of gold and copper-gold assets in the Philippines from Mindoro Resources Ltd. Acquisition will be fully funded by the issue of Red Mountain Mining shares. The proposed transaction, subject to Red Mountain Mining and Mindoro shareholder approval, will involve the acquisition of Mindoro’s Philippine based gold and copper- gold tenements and projects in exchange for Red Mountain Mining shares.
Neil Warburton, Red Mountain Mining Executive Chairman and Acting CEO, said that the proposed acquisition of Mindoro’s significant gold and copper-gold assets is an exciting opportunity for Red Mountain Mining’s shareholders to participate in highly prospective gold exploration projects in the Philippines. “With licenses and approvals in place for these projects, we will be able to sensibly use our existing cash reserves to enhance the acquired resources, define mineable open pit reserves, and continue to use our excellent database to explore for additional major Cu/Au porphyry systems in the region. “We are also very excited about the strengthening of our board and management, and the establishment of a close working relationship with the in country Mindoro management team, upon the successful completion of the transaction.
Red Mountain Mining is primarily a gold explorer and project acquisition company incorporated in Australia in May 2006 and which listed on the ASX in September 2011. Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on nickel, gold and copper-gold exploration and development in the Philippines.