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Caerus Mineral agrees to buy Cyprus Gold Mines for £300,000

CGML holds three advanced copper-gold exploration properties

Caerus Mineral Resources Plc -

Caerus Mineral Resources Plc (LON:CMRS) said it agreed to buy Cyprus Gold Mines Ltd (CGML), a private exploration and mining company, for £300,000.

Cypriot-registered CGML holds three advanced copper-gold exploration properties, each with a mining history and excellent potential for discovery of further high-grade, copper-gold Volcanogenic Massive Sulphide (VMS) and epithermal gold deposits, said Caerus.

The three exploration licences held by CGML, known currently as P.Von-de-Tsianos Gold Mines Ltd (PVTGM), are Anglisides, Pano Lefkara and Layia. The licences show  prominent evidence of unmined resources as well as copper-gold bearing oxide and waste stockpiles on-surface.

Caerus said it will inherit preliminary feasibility studies conducted by CGML for gold recovery from surface waste without the use of cyanide and fast-track them to the feasibility stage.

The exploration licence at Anglisides has already been submitted for conversion to a mining licence.

"This acquisition represents another important addition to our Cypriot portfolio, providing further optionality to our exciting suite of assets,” said Martyn Churchouse, chief executive of Caerus.

“We continue to maintain our policy of only acquiring licences of merit, preferably with a mining history and clear evidence of mineable surface materials and scope for further hard rock resource expansion.

“We, therefore, approach resource development safe in the knowledge that host rocks are conducive to epithermal gold and VMS Cu-Au [copper-gold] deposition and that we have additional mineralised surface material likely to meet the entry requirements defined within the Jubilee Metals Group option agreement in the coming months," he concluded.  

READ: Caerus Mineral and Jubilee Metals sign option agreement for potential JVs



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