- Xplore Resources Corp (XPLR) has agreed to acquire a 51 per cent interest in the Diamond Mountain phosphate project from Revival Gold Inc
- The remaining 49 per cent interest is held by Utah Mineral Resources LLC. (UMR)
- The project is located approximately 30 kms north-east of Vernal, Utah
- The agreement stipulates that Xplore will make C$250,000 cash payment on closing of the transaction in addition to other conditions
- Xplore Resources is a Toronto based mining exploration company and is focused on the acquisition and development of mineral projects in the Americas
- Xplore Resources Corp. (XPLR) opened trading at $0.065
Xplore Resources (XPLR) has agreed to acquire a 51 per cent interest in the Diamond Mountain phosphate project from Revival Gold Inc.
The project is located approximately 30 kms north-east of Vernal, Utah. The remaining 49 per cent interest is held by Utah Mineral Resources LLC. (UMR).
Diamond Mountain is a 547-hectare State Mining Lease that offers an existing measured and indicated resource estimated to be 26.8 million tonnes (Mt) averaging 19.67 per cent P2O5 in addition to an inferred resource estimated at 23.1 Mt averaging 19.67 per cent P2O5.
Under the terms of the agreement, Xplore may acquire up to a 51 per cent interest in the Diamond Mountain phosphate project by making a $250,000 cash payment on closing of the transaction, a $250,000 cash payment on the first anniversary of closing the transaction and by issuing common shares to Revival upon completion of the financing.
Closing of the transaction is subject to the completion of a minimum $5 million financing by Xplore.
The transaction is expected to close by the end of June.
“We are very pleased to have reached an agreement with Revival to acquire an initial 51 per cent interest in the Diamond Mountain phosphate project,” said Wes Hanson, President and CEO of Xplore.
“Our financial advisors suggest strong underlying fundamentals in phosphate supply and demand with projected long term demand growth of at least 2 per cent per annum solely based on agricultural demand,” he added.
Xplore Resources is a Toronto based mining exploration company and is focused on the acquisition and development of mineral projects in the Americas.
Xplore Resources Corp. (XPLR) opened at $0.065.