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Tertiary Minerals Closes Sale of Finnish Non-Core Gold Assets to Aurion Resources.


23 March 2017 - UK-based, Scandinavia-focused miner Tertiary Minerals plc (LSE: TYM) has closed the sale its non-core gold assets, Kaaresselka and KiekerA[pilcrow sign]maa, in Finland to Canadian miner Aurion Resources Ltd., the company said.

This deal was announced last December.

Aurion is a Canadian listed (TSX Venture: AU) precious metals exploration company primarily focusing on the development of its Finnish gold projects, several of which are under a joint venture with B2Gold, a main listed (TSX: BTO) (NYSE MKT: BTG) gold producer and developer.

Under the deal, Aurion paid an initial consideration of GBP 100,000 (USD 124.87k) initial consideration consisting of GBP 15,000 in cash and GBP 85,000 in Aurion shares.

Tertiary will retain royalty interest in the projects.

Both projects, Kaaresselka and KiekerA[pilcrow sign]maa, have been previously drilled by the Geological Survey of Finland and Tertiary. Significant gold mineralisation was encountered in the various drilling programmes therefore highlighting the future potential for the projects.

Tertiary Minerals is a mineral exploration and development company building a significant strategic position in the fluorspar sector.

Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

Country: Finland

Sector: Metals/Mining

Target: Kaaresselka and KiekerA[pilcrow sign]maa

Buyer: Aurion Resources

Vendor: Tertiary Minerals

Deal size in USD: 126,000

Type: Divestment

Financing: Cash and Stock

Status: Closed

Buyer advisor: , ,


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Publication:M & A Navigator
Geographic Code:4EUFI
Date:Mar 23, 2017
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