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Caeneus to acquire 3 gold exploration licenses in Western Australia

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Caeneus to acquire 3 gold exploration licenses in Western Australia

Caeneus Minerals Ltd. said Oct. 19 that it agreed to acquire the issued share capital of Mt Roe Mining Pty. Ltd., which holds three gold-prospective exploration license applications in Western Australia's Pilbara region.

Mt Roe holds exploration license applications E47/3846 and E45/5041, dubbed as the Roberts Hill and Mount Berghaus projects, respectively. It also applied for exploration license application E47/3857, dubbed as the Yule River project. The three projects cover a combined 490 square kilometers.

Under the deal, Caenus will pay A$45,000 in cash, issue 515 million shares to Mt Roe shareholders and issue 515 million unlisted options upon executing the share purchase agreement. There is also a deferred consideration of A$1 million if a JORC resource of 200,000 ounces or more of gold is defined on any of the licenses.

The company said that the three newly acquired properties all have excellent potential for the discovery of economic gold mineralization.