-- Posted Monday, 1 February 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/01/10) - Eurasian Minerals Inc. (the "Company" or "EMX") (TSX-V:EMX - News) is pleased to announce the completion of the acquisition of Bronco Creek Exploration Inc. ("BCE"). The final Agreement and Plan of Merger ("Agreement") has been executed, and approval for the acquisition has been received from the TSX Venture Exchange. BCE will operate as a wholly owned subsidiary of EMX, and will continue to focus on advancing and building the North American exploration property portfolio.
According to the terms of the Agreement, 2,127,790 EMX shares and 1,063,895 non-transferable common share purchase warrant were issued in exchange for 100% of BCE's outstanding shares. Each full warrant entitles BCE shareholders to purchase one additional EMX share until January 29, 2012 at a purchase price of CDN$2.00 per share. A total of 1,703,120 EMX common shares issued will be subject to an 18 month escrow period as required by TSX Venture Exchange regulations and a further 77,700 will be subject to a four month Exchange hold period expiring May 30, 2010. For additional details of the transaction, see Company news release dated October 19, 2009 at www.eurasianminerals.com.
About Bronco Creek Exploration. BCE has a portfolio of 14 exploration properties in key mining districts of Nevada, Wyoming, and Arizona, nine of which are currently under joint venture, lease/option, or exploration alliance agreements. Similar to EMX, the BCE business model is to acquire mineral properties with excellent discovery potential, and then execute partnership agreements that create revenue streams from those properties. This self-sustaining business model acts to preserve working capital, while maintaining equity interests in properties that allow for the participation in the financial upside of discoveries.
BCE is continuing with an aggressive exploration campaign in 2010. Funding for the majority of the exploration work will be provided by partner companies, and BCE will act as operator for several of the projects. Drilling commenced on BCE's Copper Springs property in Arizona's Globe-Miami Mining District in December 7, 2009, with assay results pending. BCE projects slated for drilling in 2010 include the Richmond Mountain (Eureka) gold, Cathedral Well gold, and Yerington copper properties in Nevada, and Mineral Hill gold-copper property, Wyoming. Further work planned for this year includes geophysical surveys at the Superior West property in Arizona, and follow-up exploration on the Middle Mountain and Red Hills porphyry copper exploration projects in Arizona.
The key to BCE's success has been a top tier exploration staff that will complement and further strengthen EMX's team. Dr. David Johnson continues on as the BCE business unit manager for EMX, and will continue to be supported by the BCE staff based in Tucson. Dr. Johnson is best known for his extensive work on Iron-Oxide-Copper-Gold (IOCG) deposits, and has co-authored review papers and taught numerous short courses on porphyry and IOCG systems. BCE's Dr. Eric Jensen has been appointed as Chief Geologist for EMX. Dr. Jensen is best known for his work on alkaline gold systems and porphyry deposits, and has been an invited speaker at many conferences and symposiums while continuing to teach short courses on mineral exploration internationally.
EMX is exploring and investing in a first class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.
Forward-Looking Statement: Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Eurasian Minerals Inc.
David M. Cole
President and Chief Executive Officer
(303) 979-6666
dave@eurasianminerals.com
Eurasian Minerals Inc.
Kim C. Casswell
Corporate Secretary
(604) 688-6390
(604) 688-1157 (FAX)
kcasswell@eurasianminerals.com
www.eurasianminerals.com
-- Posted Monday, 1 February 2010 | Digg This Article | Source: GoldSeek.com
