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Argentina Mining terminates deals with New Destiny Mining

Published: 08:40 23 Apr 2013 AEST

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Argentina Mining (ASX: AVK) has terminated agreements with Canadian explorer New Destiny Mining (TSX-V:NED) after a proposed transaction and MOU over projects in Argentina could not be completed.

Argentina Mining has five gold and base metal projects in San Juan Province, Argentina.

The projects range from the established porphyry copper-gold-molybdenum project at Cerro Blanco, epithermal vein gold and copper mineralisation at Amiches, San Francisco and Tres Amigos and regional exploration projects near Barrick Gold Corporation’s major Veladero (Reserves 12Moz Au) and Pascua-Lama (Reserves 17.8Moz) gold operations.

New Destiny was unable to complete a transaction over the Tres Amigos Project and an MOU relating to the Cerro Blanco Project.

Argentina said it has already received expressions of interest in the projects from other parties and is currently undertaking discussions.

In July, the company completed a share placement of 8,894,143 ordinary fully paid shares at a subscription price of $0.035 to raise $311,295 before costs.

Net proceeds from the raising will be used to fund ongoing exploration programmes at the San Francisco and Amiches gold projects and for general working capital purposes.

Argentina's major shareholder, Independence Group (ASX: IGO) subscribed for placement shares to increase its interest to 19.94% in the company.

 

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