Beacon acquires Silcom for $5m

Balcatta-based Beacon Minerals Ltd has completed its acquisition of Silcom Resources Ltd in a scrip deal worth about $5 million.

Beacon has issued 44.3 million shares to shareholders of the private company and 45.3 million options which have an expiry date of August 31 2010.

Silcom has 100 per cent ownership of four advanced mineral exploration project in Kyrgyzstan that are prospective for silicon and base metals.

Silcom directors Darryl Harris and John Hebenton will join Beacon's board with Mr Harris to take on the managing director role and Mr Hebenton as non-executive director.

Outgoing managing director Paul Lloyd will continue to sit on the board as an executive director.

Shares in Beacon last traded at 11.5 cents at 14:21 AEST.