Monterey Minerals Inc. signed a letter of intent to acquire Perth, Australia-based CTTR Mining Tenements Pty. Ltd. in exchange for 7 million common shares, with a definitive deal targeted in the second quarter.
CTTR Mining owns seven highly prospective tenements covering 525 square kilometers in the Pilbara Basin. The transaction will increase Monterey's property portfolio in the area to 670 square kilometers.
Monterey will continue to look for additional prospects in the Pilbara Basin, President and CEO James Macintosh said in a March 11 release.
The company is focused on the gold-prospective Sherlock River property in Western Australia and also owns the polymetallic Cobalt Mountain project in British Columbia.