Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Aphrodite Gold Elects Not To Exercise Pre-Emptive Rights On Scotia 0 comments
    Jul 1, 2013 7:07 PM

    Aphrodite Gold (ASX: AQQ) has declined to exercise its pre-emptive right to acquire Breakaway Resources' (ASX: BRW) interest in the Scotia gold and nickel project in Western Australia.

    The company noted that its existing joint venture arrangement to earn up to 80% of the Scotia gold rights remains unaffected.

    This along with the recent fall in gold prices were the key factors in reaching this decision, which was sparked by Breakaway receiving an offer from Adelaide-based Minotaur Exploration (ASX: MEP) to acquire its interest in Scotia for $600,000 in cash.

    Scotia, located 65 kilometres north of Kalgoorlie, is located adjacent to the Aphrodite Gold project.

    Aphrodite has earned a 51% interest in the gold rights at Scotia to date, and has the right to earn up to 80% by further expenditure.

    To date, Aphrodite has been focused on the Joint Venture at the Chameleon Gold Prospect, where drilling has produced encouraging results.

    The tenements also cover approximately 40 km strike of the nickel sulphide bearing Scotia Ultramafic belt, which hosts the historic Scotia Nickel Mine, the Saints Nickel Prospect and numerous other nickel exploration targets.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.