logo-loader

Strike Resources says offer withdrawn for Peru assets

Published: 17:15 08 Aug 2014 AEST

au_south_america_map_350_53e464a81cb0e

Strike Resources (ASX:SRK) has not been able to reach agreement on an offer for its Apurimac and Cusco Iron Ore Projects in Peru.

The high grade Apurimac project in Peru is known to possess some of the highest grade magnetite in the world. The grade is exceptional for magnetite at around 57% iron, which is almost twice as high as many peer magnetite deposits.

There is a JORC Resource at Apurimac of 269 million tonnes of iron ore grading an average of 57.3% iron.

Strike had fielded interest from various parties in acquiring its Peru assets with one offer received. 

No agreement was reached on the commercial terms and the offer has been withdrawn.

The company had a very tidy cash balance of $10.3 million at June quarter end.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Poseidon Nickel signs binding agreement with Mineral Resources to divest...

Departing Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones and incoming CEO Brendan Shalders join Proactive’s Jonathan Jackson to discuss the divestment of Lake Johnston to Mineral Resources Ltd (ASX:MIN). Jones, who has played a pivotal role in this strategic move, shared insights on...

4 hours, 56 minutes ago