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  • 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.

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