Huntley morning update included this, that we know, but good to see it make the 'highlights'.
Compass Resources (CMR) has entered into an agreement to purchase all the issued capital of Guardian Resources, effectively buying the 10% interest of the Rum Jungle Area projects it did not already own. A formal sale and purchase agreement has been executed by the parties and closing is expected some time early in August subject to a Compass Extraordinary General Meeting to be held by 31 July 2006 at which the Company will seek shareholder approval for the transaction. The company believes that this acquisition will clear the path to establish its 50:50 JV with Hunan Nonferrous on 100% of the base metals holdings in the NT. Compass will issue Guardian 8.25m shares for the acquisition. CMR added 31 cents (12.86%) to $2.72.
CMR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
