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Equitas Resources closes Alta Floresta Gold takeover

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Equitas Resources closes Alta Floresta Gold takeover

Equitas ResourcesCorp. said April 27 that it completed its acquisition of .

The deal was first announcedin January.

Equitas now owns, through Alta Floresta Gold, six gold propertieswith four production licenses, and over 184,410 hectares of land holdings in theBrazilian states of Mato Grosso and Para. Alta Floresta Gold also increased itsinterest in Brazilian operating subsidiary AltaFloresta Gold Mineracao Ltda from 60% to 100% through further investmentand the acquisition of minority stakeholder ECIExploration & Mining Inc.

The flagship Cajueiro gold project will be the location of thecompany's operational base in Brazil.

Equitas intends to first increase current gold production atCajueiro, and thenidentify additional resources in the known mineralized zones. Alta Floresta Goldis undertaking small-scale sluice-box production from mineralized alluvium and saprolite,while Equitas plans to acquire a gravity processing plant near Cajueiro and putit into production.

Equitas is working on an exploration program to expand Cajueiro'sresources that will consist of bulk sampling, trenching, and diamond and rotaryair blast drilling.

In connection with the transaction, Equitas issued 103,653,283common shares to former shareholders of Alta Floresta Gold, as well as 5,282,324stock options to former option-holders of Alta Floresta Gold. These options areexercisable within a three-year window for 15 cents per share.

Kyler Hardy will serve as Equitas chairman and director, whileChris Harris will serve as president and CEO, as well as director. Alan Carter andDavid Hodge have been appointed as directors, while Everett Makela will serve asvice president of exploration. Mike Bennett has been appointed as director and officerof Alta Floresta Mineracao, while Richard Crew will be a consultant to Alta FlorestaMineracao.

Raymond Goldie, Qianjie Wang and Tim Fernback will no longerbe directors at Equitas.