Mercator Gold (AIM: MCR) announced that Silver Swan Group (ASX: SWN) had received shareholder approval to purchase Mercator's non-core exploration tenements in the Meekatharra area of Western Australia. The package covers 403 square kilometres of granted tenements and 203 square kilometres of tenements under application. Mercator will receive 10 million shares in Silver Swan plus 4 million performance shares in consideration.
Patrick Harford, Managing Director of Mercator Gold
"The tenements sold to Silver Swan are not contiguous with Mercator's core project areas, which include the producing Surprise open pit operation and the planned Bluebird open pit and Prohibition-Vivian-Consols underground developments.
The sale to Silver Swan is expected to allow that potential to be more quickly realised whilst still delivering substantial benefits to Mercator."