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Lundin Gold Inc T.LUG

Alternate Symbol(s):  LUGDF

Metals & Mining Gold
Lundin Gold Inc. is a Canada-based mining company. The Company owns the Fruta del Norte gold mine in southeast Ecuador and a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. The deposit is hosted in the La Zarza concession, located in the 38 square kilometers (km2) Suarez Pull-Apart Basin. Fruta del Norte deposit is located within a 150 kilometers (km) long copper-gold metallogenic sub-province in the Cordillera del Condor region in southeastern Ecuador. The Company’s properties in Southeast Ecuador consists of over 28 metallic mineral concessions and three construction materials concessions covering an area of approximately 64,454 hectares. From this, Fruta del Norte is comprised of seven concessions covering an area of approximately 5,566 hectares and is located approximately 142 km east-northeast of the City of Loja in southeastern Ecuador. Fruta del Norte deposit is an intermediate sulphidation epithermal gold-silver deposit.


TSX:LUG - Post by User

Lundin Gold Inc
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Post by kanerfalkon Sep 11, 2010 3:18am
432 Views
Post# 17436822

Cash for new opportuinies...

Cash for new opportuinies......let's hope it's not in Russia!
FORTRESS COMPLETES SALE OF SVETLOYE GOLD PROJECT IN EASTERN RUSSIA
9/10/2010 12:34:44 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 10, 2010 (MARKETWIRE via COMTEX News Network) --
Fortress Minerals Corp. (TSX VENTURE: FST) (the "Corporation" or "Fortress") is pleased to announce that further to its new release of August 4, 2010, the share purchase agreement (the "SPA") with Castalian Trading Ltd. (the "Share Purchaser"), a party to a letter of intent with Polymetal (PMTL.MM) (PMTLq.L) ("Polymetal") to purchase the Svetloye gold deposit, has been completed. Pursuant to the SPA, the Share Purchaser purchased all of the issued shares of two of the Corporation's Cypriot subsidiaries which in turn own 100% of the participatory interest in the Corporation's Russian subsidiary, PD RUS, LLC ("PD RUS"), which holds the Svetloye License (mining and exploration) located in Khabarovsk Krai within the Russian Federation. As part of the SPA transaction (the "Sale Transaction"), intercompany debt was assigned or transferred, as applicable, to Polymetal ESOP Limited, a 100% owned subsidiary of Polymetal. In relation to the Sale Transaction the Corporation received in aggregate consideration in sum of US$9.25 million in cash.
There was no finder's fees payable on the Sale Transaction. The Corporation plans to use the proceeds realized from the Sale Transaction to pursue other opportunities, extinguish unsecured debt and for general working capital.
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Dealroom for high-potential pre-IPO opportunities