Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
ECR Minerals (LON: ECR) announced that its Australian subsidiary, Mercator Gold Holdings, has purchased a property at 35 Brewing Lane, Springmount, Australia, located within the company’s existing 100% owned Creswick license area.
The gold exploration firm said the property consists of 16 acres and will provide a base for activities across the license area as ECR advances its drilling programmes.
The property costs A$500,000, which will be settled in two tranches, consisting of a A$50,000 deposit, with the remaining balance to be paid on 27 September. The purchase will be funded by the company’s existing cash resources which stands at £4,222,940 in cash after paying the deposit.
Craig Brown, CEO of ECR Minerals commented: “Following the positive progress of the drilling programme at Creswick, we are pleased to announce the purchase of the Brewing Lane property (subject only to payment of the settlement monies) which sits in our existing license area. Following completion we intend that the property will provide the company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation.”
The company's shares are currently down 0.9% at 1.66p.
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