Negotiations are in progress which could see Aranlee Resources (VSE) acquire a 100% interest in an Australian resource company owned by Burmin Exploration and Development. Burmin is an Irish company that is also Aranlee’s major shareholder. The purchase price is set at $1.9 million and will be payable by the issuance to Burmin of 3.8 million common shares of Aranlee valued at 50 cents each.
The Australian company, Ashling Resources, owns a 49% interest in a number of mineral properties in the East Pilbara and Murchison regions of Western Australia with joint venture partner Sipa Resources International.
The joint venture’s main property is the Panorama project which covers an area of about 1,200 sq. km of prospective Archean volcanogenic massive sulphide targets. A drilling program budgeted at $1 million is planned to test a total of seven targets.
Aranlee is currently negotiating a financing package to cover its share of the Australian expenditures as well as further work in Canada.
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