Aura Minerals Signs JV Deal For Inaja Project With Companhia Vale do Rio Doce

Aura Minerals Inc. has announced that its wholly-owned subsidiary, Aura Gold Mineracao Ltda, has signed a joint-venture option agreement with Companhia Vale do Rio Doce for 51% ownership of the Inaja Project. Aura must pay US$3 million to Vale within 15 days of deal's closing for the option. To earn 51% of the project, Aura must also put US$6 million into Inaja within four years. Coming up with a bankable feasibility study, within three years of electing to do so, will earn another 19%. The news release has further details, including a provision to convert either party's interest to a 2% NSR if that interest falls below 10%.

This item was released last evening. Prior to its dissemination, Aura closed unchanged at 19.5 cents.

The company's Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

African Aura board urges shareholders to reject now-extended takeover offer

The board of African Aura Resources, Ltd., after having learned that Northern Financial has extended an extant unsolicited takeover bid, has reaffirmed their recommendation that shareholders not tender their shares. As the news release states, "the Board of Directors as a whole: - unanimously determined that the Northern Offer is NOT fair from a financial point of view to the African Aura Shareholders; - unanimously determined that the Northern Offer is NOT in the best interests of African Aura; and - unanimously recommended that shareholders REJECT the Offer and NOT tender their African Aura Shares to the Offer."

In trading yesterday, African Aura shareholders and would-be buyers did not make any transactions, leaving the stock unchanged at 10 cents.

The company's Google Finance web page is here.


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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.