Caerus completes acquisition of Cyprus licences

Caerus Mineral Resources plc has completed the acquisition of Gold Mines (Cyprus) Ltd (GMCL) for £300,000.

FUNDS

The purchase was funded by the recent disposal of the Black Pine nickel-cobalt project and associated licences.

NEW LICENCES

Caerus said that the three new licences of Anglisides, Pano Lefkara and Layia had a legacy of small-scale mining and host ore stockpiles, waste dumps and tailings.

Each also had a partially delineated volcanogenic massive sulphide (VMS) copper-gold and gold oxide deposits.

The company’s due diligence drilling has “strongly confirmed” the potential for both copper-gold VMS and gold oxide mineralisation.

Caerus has submitted a mining licence application for Anglisides noted for high-grade gold oxide mineralisation and significant mineralised widths of copper-gold sulphides at, or near, surface.

PROCESSING

Caerus chief executive Martyn Churchouse said that the three new licences met both the company’s brownfield acquisition policy and ‘Waste to Revenue” strategy.

“The agreement with Jubilee Metals Group for the treatment and recovery of residual metals from surface materials together with the more recent agreement with Bezant Resources for the future mining of hard rock resources fits the model allowing Caerus to continue building the foundations of a mineral resource.

“This will comprise both surface materials and hard rock mineralisation that can be processed in a common processing facility to which Caerus will deliver feedstock whereupon the expertise of our partners takes over the mining and processing of ore and waste materials.”