Geopacific Resources makes bid for Word Wide Mining Projects

Publish time: 7th January, 2013      Source: ChinaCCM
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Geopacific Resources has made an off market all scrip bid for unlisted World Wide Mining Projects, that could potentially give Geopacific the option to take an 85% interest in the Kou Sa Copper Project in Cambodia.

As part of the deal, Geopacific will issue up to 53.7 million shares on a 1:1 basis to the existing shareholders of World Wide Mining.

If the deal is successful, Geopacific will have exposure to the highly prospective Kou Sa Copper Project in Cambodia as well as USD 1.1 million in projected cash reserves.

The Kou Sa Project is a 158 square kilometre exploration licence, where historical exploration was done in the 1960s before the Vietnamese and regional civil war.

Exploration was resumed in 2008 by Golden Resources Development Co.

Localised geochemical grid sampling, trenching and initial drilling at Kou Sa have identified significant copper, zinc, gold and silver mineralisation in an 8 kilometre by 3 kilometre zone, which is open in all directions.

Forty shallow or less than 120 metres diamond drill holes have been drilled on the project to test five prospective areas with outcropping structurally controlled, semi massive sulphide mineralisation.

Only indicative chips from the first twenty holes have been assayed to date and aren't enough to make them JORC compliant.

However, despite the limitations of the data, significant and potentially economic copper, zinc, silver and gold assays have been obtained in varying proportions at all of the prospects tested.

The bid conditions include Geopacific shareholders approving the acquisition of World Wide Minerals shares; the target finalising the divestment of its shareholding interest in its Indonesian subsidiary and certain other capital raising considerations.

Standard clauses including no material adverse change, no change in control rights and no material acquisitions or disposals also are part of the bid conditions.