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LONDON - Ajax Resources PLC [LSE: AJAX], a UK-based special purpose acquisition company, has announced the conditional option to acquire the Minas La Escondida mining project in Jujuy, Argentina. This acquisition, which involves two licenses covering a total area of 2,500 hectares, is strategically positioned near the company’s Eureka Project and shares similar geological features conducive to Gold and Copper production.
The option to purchase La Escondida is binding on the vendor, provided Ajax completes satisfactory due diligence within 45 days. The due diligence process will encompass legal, technical, and geological evaluations. The acquisition is contingent upon a cash consideration of US$80,000.
La Escondida’s proximity to the Eureka Project, which is approximately 100 meters away, and its location in a region with a history of significant Gold and Copper production, suggest the potential for sizeable additional resources. The area is accessible through well-maintained asphalt and gravel roads, facilitating any future development activities.
Ippolito Ingo Cattaneo, CEO of Ajax, expressed optimism about the acquisition’s timing and its potential to enhance the value of the Eureka Project. He highlighted the current market prices of Gold and Copper as further rationale for the company’s intent to advance development activities with vigor.
The acquisition is based on a press release statement and reflects Ajax’s strategic efforts to expand its resource base in Argentina. The company plans to update shareholders on the progress of the due diligence and the potential exercise of the acquisition option.
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