MEXICO – Inomin Mines’ shares surged 15% on Monday following its recent property acquisitions to extend the company’s project portfolio beyond Canada.
Last week, the Vancouver-based miner entered an agreement to acquire the La Gitana and Pena Blanca gold-silver projects in Mexico from Gunpoint Exploration.
As consideration, Inomin issued one million shares, paid $25,000 cash and granted a 1.5% NSR (net smelter return) royalty on the Pena Blanca property to Gunpoint. La Gitana is subject to an existing 3% NSR to a third party, which will be assumed by Inomin.
Both properties are located approximately 100 km east of Oaxaca City, within the Oaxaca gold-silver belt, which hosts several operating precious metals mines and prospects including Gold Resource’s Arista and Mirador gold-silver mines and Fortuna Silver’s San Jose gold-silver mine.
Inomin is currently developing the Beaver-Lynx sulphide nickel project and the Fleetwood zinc-copper-gold-silver VMS (volcanogenic massive sulphide) project, both located in British Columbia. It also owns the King’s Point gold-copper-zinc project in Newfoundland, under option to Maritime Resources.
The company has a market capitalization of approximately $3.1 million.
This story originally appeared on www.Mining.com.