It is not every day that a story crossed the wires with the words “only junior exploration company to own all the mineral rights of a western country”, but that is exactly what occurred today. An announcement was made today by St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF), whereby the company announced that it has completed the acquisition of Melmi EHF, the Icelandic corporation that owned the majority interest in the Thor Gold Project and the remainder or the Icelandic mineral licenses not already controlled by St-Georges.
This transformative acquisition gives total control over the mineral licenses of the Republic of Iceland to St-Georges, making it the only junior exploration company to own all the mineral rights of a western country. This acquisition allows St-Georges to control its destiny and plan its exploration campaigns with no interference.
It also gives the Company’s geological team access to extensive libraries of geological data, a large number of historical mineral samples and a well-maintained and secured national core shack that will be useable for future development. Furthermore, all the diamond drill cores from the Thor Gold project are now in the Company’s ownership and possession. The Company expects to be able to resample these cores in the process of elaborating its maiden NI 43-101 Gold-Silver and Copper resource estimate on the Thor Gold Project.
The previously announced acquisition had the company pay up to CA$775,000 in consideration of all the Melmi EHF shares on a specific payment structure, which can be viewed in the company’s July 2nd press release.
News of the completed acquisition was welcomed by investors with shares up over 7% in early-afternoon trading at $0.075. Shares have been pulling back since that initial announcement in July, so perhaps news of the completed acquisition will solidify the investment thesis for the company going forward. We’ll watch to see if shares start heading higher now that the dust has settled on this acquisition.