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PanEx to acquire 80% of Scotgold's Pomar antimony-gold license in Portugal

PanEx Resources Ltd. signed an earn-in agreement to acquire up to an 80% interest in Scotgold Resources Ltd. unit Scotgold Resources Portugal Ltda., which holds the Pomar antimony-gold license in Portugal.

According to a March 19 release, PanEx can earn up to an initial 50% interest in Scotgold Resources Portugal by completing a €100,000 spend on Pomar within 180 days and electing to begin the first development phase, where it must complete a minimum €1.5 million spend within 18 months.

It may then further increase its interest by 30% by completing a €5 million spend over two years leading to the completion of a feasibility study. Upon meeting the earn-in, PanEx and Scotgold will provide further funding for the project on a pro rata basis.