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Ero shareholders approve purchases, name change

23rd August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The shareholders of gold developer Ero Mining on Friday supported the company’s move to acquire two gold projects in Western Australia, and to change the company’s name to Tychean Resources.

In May this year, Ero announced its intention to acquire the Spargoville and Valley Floor gold projects.

The Spargoville project, which comprises a tenement package of 27 granted mining leases, two granted exploration licences, five prospecting licences and two miscellaneous licences, was obtained from fellow-listed Ramelius Resources in exchange for 133.4-million fully paid shares.

The Valley Floor exploration licence was, in turn, acquired from Valley Floor Resources in exchange for 50-million fully paid ordinary shares.

Chairperson Robert Kennedy told shareholders at the annual general meeting on Friday that the newly acquired tenements would be the company’s initial focus, while the Tanami tenements in the Northern Territory were being progressed through Native Title negotiations and exploration had progressed more slowly owing to the limited amount of available capital.

MD Joe Holdsworth noted that subject to the current capital raising, Ero would push ahead with a focused and intensive exploration programme across the newly acquired project areas.

The work would include an initial air core reconnaissance drilling, a review of the Spargoville database, and exploring for blind orogenic gold lode systems.

Meanwhile, Houldsworth said the decision to change the company’s name and logo was designed to better reflect Ero’s change of direction.

Tychean was chosen, based on of the word “Tyche”, the Greek Goddess of fortune, with the new copyrighted logo showing the crown of Tyche as a series of gold bars on a black background.

The company’s shares would shortly start trading under the symbol TYK on the ASX.

Edited by Creamer Media Reporter

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