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Horseshoe Metals to acquire gold, copper projects in South Australia

Horseshoe Metals Ltd. said Oct. 16 that it agreed to acquire two historical projects in South Australia.

The company can own 50% of the Mount Gunson copper project by subscribing for shares in Copper Mining and Metallurgy Pty. Ltd. to form an incorporated joint venture to develop the property and by spending up to A$5 million over four years.

Horseshoe will also issue 10 million shares to Mines Trust, a private trust controlled by project operations manager Steven Sickerdick, to repay fees owed by Copper Mining and Metallurgy.

Horseshoe also agreed to acquire the Glenloth gold project by issuing 6 million shares and granting royalties to Stockworks Exploration and Mining Pty. Ltd. The company will also issue 2 million shares to Mines Trust to repay Stockworks' debt on work done on the project.

The deals are subject to satisfactory due diligence, Horsehoe board's approval and formal legal documentation.