International Minerals Corporation (TSX: IMZ) and Ventura Gold Corporation (TSX-V: VGO) have entered a binding letter agreement where International Minerals will acquire all of the issued and outstanding shares of Ventura through a statutory plan of arrangement.
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Through the arrangement International Minerals will acquire 51% ownership in the Inmaculada gold silver property from Ventura with the right to earn 70% interest. The property is located in southern Peru about 25km southwest of International Minerals Pallancata silver gold mine. International Minerals intends to advance the Inmaculada Project in order to earn 70% interest in the property.
About International Minerals
International Minerals has been listed on the Toronto Stock Exchange since 1994 and the Swiss Stock Exchange since 2002. The company is a silver-gold producer (since 2007), explorer and developer with growing low-cost silver production and reserves from its 40%-owned Pallancata Mine in Peru, one of the top-10 primary silver mines in the world. International Minerals estimates Pallancata’s production (100% project basis) at 7.0 million ounces of silver and 25,000 ounces of gold at total cash costs of US$6.50 per ounce of silver, net of gold by-product credit, in 2009, rising to approximately 10.0 million ounces of silver and 35,000 ounces of gold in 2010.
International Minerals has other interests in projects in Peru and Ecuador, including the Rio Blanco gold-silver underground project and the Gaby gold project, both in Ecuador. The Company has a solid balance sheet with approximately $44 million in cash.
International Minerals currently holds 504,923 common shares of Ventura, representing 0.37% of the issued and outstanding share capital of Ventura.
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