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Avrupa Minerals set to raise $225,000 to advance operations

Tuesday, April 11, 2017 8:17
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(Before It's News)

Avrupa Minerals Ltd (CVE:ARU) is set to raise $225,000 via a private placing for exploration and operations in Kosovo, Portugal, Vancouver and for general costs, it said.

The firm is issuing 2.5mln shares at 9 cents each.

It currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,268 sq km, two in Kosovo covering 47 sq km, and one in Germany covering 307 sq km.

Avrupa now has four active option and joint venture agreements, three in Portugal and one in Kosovo.

As reported yesterday,  Avrupa pulled in a big hitting partner for its Alvito iron-oxide-copper-gold (IOCG) project in southern Portugal in the shape of Oz Minerals Limited (ASX:OML).

The Aussie-listed heavyweight can up earn up to a total 75% interest in the project by spending A$4mln over approximately 2.5 years and 51% by spending A$1mln in year one.

Paul Kuhn, Avrupa’s chief executive, had said: “The Oz Minerals exploration team has significant IOCG exploration experience around the world.

“This is Avrupa’s first IOCG target in Portugal, and we look forward to quickly moving the program ahead.”

Kuhn added today:  “With our new partner in Portugal funding the Alvito IOCG exploration, and our partner in Kosovo funding a large drill program at the Slivovo gold project, our costs in those locations are low.

“These new funds will cover costs to advance our other key projects.”

Shares were unchanged at $0.09 each

Story by ProactiveInvestors


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