A numbered Ontario company, which is a subsidiary of Laurasia Resources (TSE), has an option to earn a 50% interest in two mineral properties in Portugal from Empresa Mineira da Serra do Cercal S.A., a Portuguese mining company.
The joint-venture properties are in the Pyrite Belt that underlies the southern portion of Portugal and Spain. The Belt hosts significant massive sulphide deposits including the Neves Corvo deposit in Portugal which was brought into production in 1988.
On the Salgadinho joint venture, a 1,000-metre drill program is evaluating the Salgadinho copper deposit.
A mapping program at the Odemira joint venture is providing geological control for eight deep holes to be drilled later this year. The holes will test gravity anomalies that may
be related to massive sulphide mineralization.
The numbered company has also entered into an amalgamation agreement with Kalrock Resources (ASE) on a share-for-share basis. If the agreement is approved, Laurasia will hold four million shares (20%) of the amalgamated company and will (subject to regulatory approval) retain a right of first refusal to provide future financing for the company.
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