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Elsmore buys Torian assets days after listing

Elsmore buys Torian assets days after listing

Photo by Bloomberg

10th January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Torian Resources has signed a sales agreement with fellow listed Elsmore Resources to sell all its right titles and interest in six mining leases in New South Wales and five mining leases in Queensland.

Elsmore has paid a deposit of A$50 000 pursuant to the arrangement, and would satisfy the remainder of the purchase by issuing more than 1.4-million ordinary fully paid shares to Torian.

The shares would be issued before the 21-day expiry date of listing on December 23, 2013.

“The purchase of the additional mining leases gives our company a much wider scope for production and processing and provides us with a critical mass necessary to have an impact on the marketplace,” said Elsmore CEO Joseph Chung.

“We consider that the leases are in good areas that can be used without significant increase in capital costs and can integrate very well with our existing tenement interest.”

Chung said that the acquisition of the mining leases with the permits attached also provided a speed to market that the company had been seeking.

Elsmore listed on the ASX on December 23, and its assets consist of rights over six exploration licences and exploration licence applications, one mining lease and a processing plant suitable for sapphire and tin mining.

Edited by Creamer Media Reporter

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