Mining company Minmet said today it is in advanced talks to sell a number of its Swedish gold mining concessions to Dublin-based Ovoca Resources in a share-swap deal.
MinMet will receive about 11 million new Ovoca shares or 22.5 per cent of Ovoca's enlarged share capital for the concessions at Klippen, Krokliden and Umgransele as well as four new concession areas.
The second such joint venture in Sweden in line with Minmet's strategy of seeking joint venture partners to speed up development of its early stage concessions.
MinMet previously joined up with Canadian company North American Gold, to explore the Norra and Barsele projects.
Restrictions will apply on any disposals by MinMet of the Ovoca shares for an agreed period of time. It is expected that the transaction will be completed by the year end.
