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SMC plans buy-up of WPI ventures

GOLD miner SMC Resources Limited has reached conditional agreement with Western Pacific Gold Inc, a listed Canadian mining company, to acquire Australian Resource Manage-ment Pty Ltd, a wholly-owned subsidiary of WPI. SMC will pay using 31.5 million fully paid shares.

Beside assets of tenements valued at $1.65 million and cash of $1.6 million, ARM owns 388 square kilometres of exploration territory in central Guadalcanal in the Solomon Islands, and has applications over a further 140 square kilometres.

Guadalcanal lies on the same tectonic belt as Bougainville and is prospective for porphyry deposits of the Southwest Pacific copper-gold style similar to Panguna on Bougainville and Ok Tedi on the mainland of Papua New Guinea.

The company believes that the potential offered in Solomon Islands provides SMC with the upside of a major exploration project.

Cash from the acquisition will allow SMC to fund further operational and business development, including additional capital expenditure at Hadleigh Castle mine, which contains an indicated and inferred resource of 240,000 ounces of gold and satellite deposits containing 30,700oz of gold.

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