Vancouver-based American Copper (ACC-V) has offered to buy all the outstanding shares of Oro Nevada Resources (ONV-A) for a price equivalent to 30 cents per share, payable on the basis of one American Copper share for every 10 Oro Nevada shares.
American Copper plans to mail a formal takeover bid circular shortly. The company is active in Nevada, where one of its key projects is a joint venture to explore and develop the Lyon project. Situated in Yerington, the project hosts three high-grade copper skarns with gold and magnetite credits. The indicated resource totals 12.1 million tons grading 3.41% copper, with 27% iron as magnetite present at two of the sites.
Oro Nevada’s key assets are the Dean Ranch property in Nevada’s Battle Mountain trend, the nearby Nevada First Ranches project, and a surrounding land package acquired by staking.