Black Fire Minerals (ASX: BFE) has four active projects - the Pilot Mountain Tungsten-Copper Project in Nevada, the Kangeshi Copper-Silver Project in the DRC, the Longonjo Rare Earth Project in Angola and the Mystique Gold joint venture in Western Australia, and is actively assessing new opportunities in Australia, Asia, the Americas and Africa.
Black Fire Minerals (ASX: BFE) has been granted a trading halt by the ASX pending an announcement on a 'potential acquisition', with the company's shares placed in pre-open.
It is not yet known which country or which resource the acquisition will target, but Black Fire has been on the acquisition trail quite a bit recently.
Just last week the company agreed to acquire the advanced Pilot Mountain Tungsten Copper project in Nevada from Pacific Gold Corporation (OTCBB: PCFG).
The Pilot Mountain tungsten project ranks favourably in tungsten grade with many existing tungsten mines and resource projects worldwide.
Under the terms of the deal with Pacific Gold, Black Fire will pay an initial US$50,000 in cash for a 100 day exclusive due diligence period and then may exercise its right to acquire a 24 month option to purchase for a further cash payment of US$450,000.
At the end of 2010 the Black Fire said that it was currently carrying out due diligence on multiple project acquisition opportunities on three continents.