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Esperance Minerals to release drilling results


Esperance Minerals (ASX: ESM) is preparing to release drilling results relating to a material asset purchase transaction and has been granted a trading halt by the ASX today.

The company is in the process of acquiring a 100% interest in exploration licences covering about 50,000 hectares and applications for exploration licences covering an additional 15,000 hectares located in Amazonas State, Brazil.

During the March 2013 quarter, Esperance undertook a verification drilling program to determine if gold mineralisation exists, as well as distribution and grade, at the Brazilian Gold Project.

At the end of April Esperance indicated assays were expected in two weeks.

Esperance holds an option agreement which allows it to acquire Afro-Asian Resources, which can acquire – via an earn-in agreement, up to a 100% interest in the Brazilian Gold Project owned by Minarax Mineracao Participacoes.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 13 May.

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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