Minfocus Exploration (MFX) has completed its acquisition of a majority interest in the Big Hill Gold Mining Company.
Big Hill is a private Australian mining company.
The Vancouver-based mineral exploration company is acquiring the stake in Big Hill from Australia-based Mining Projects Accelerator.
Big Hill holds a 100-per-cent interest in an exploration permit and two mining licenses that comprise the Big Hill Gold Property in Queensland, Australia.
The all-stock deal is worth approximately AU $2.18 million.
Minfocus Exploration has the right to acquire an additional 15 per cent of the outstanding Big Hill Shares and increase its shareholdings to 95% per cent of the total outstanding Big Hill Shares by paying AU$300,000 to the minority shareholder.
The remaining five per cent can be acquired for AU$700,000.
The Big Hill Gold Property consists of a single Exploration Permit covering 24 square kilometres and includes two discrete granted mining leases owned by Big Hill. The permit covers the historic mines of Big Hill, Queenslander, Monte Cristo and Sultan and Taylor of the Talgai Goldfield within the permits and excludes a small mining lease held by an unrelated third party.
The Big Hill Gold Property is located near the town of Pratten approximately 35km northwest of Warwick and 160 kilometres southwest of Brisbane, the capital of the state of Queensland, Australia.
Minfocus Exploration is unchanged, trading at C$0.165 at 12:30 pm EST.