Junior corporate roundup: Almadex, Horizonte, Continental, Odyssey

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Thursday, December 1, 2016

Vancouver's Almadex Minerals signed a definitive agreement to option all of its interest in the Los Venados project in Mexico to Wolverine Minerals, a press release said.

The deal is in exchange for Cdn$30,000 (US$22,416) on execution of the agreement for expenditures on the property, up to 2mn Wolverine shares over three years and a retained 2.0% NSR royalty.

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Following shareholder approval, London-based Horizonte Minerals has closed a previously announced 9mn-pound (US$11.4mn) placing to fund a feasibility study at its Araguaia nickel project in Brazil, the company said in a statement.

The company is currently working on the next phase of permitting to obtain an installation license for Araguaia, as well as a number of work streams that will link into the study. The main contracts are due to be awarded on 1Q17 as the company works to advance Araguaia through the feasibility stage during next year, said CEO Jeremy Martin.

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Colombia-focused Continental Gold received the environmental permit for its Buriticá project in Antioquia department.

The resolution authorizes the company to expand its current small-scale operating mine to a fully integrated mining and milling operation, including construction of a processing plant of up to 3,200t/d, Toronto-based Continental said in a press release.

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Quebec's Odyssey Resources and LAI Corp have agreed not to extend the terms of their letter of intent with respect to a previously announced transaction to acquire the Ishihuinca gold tailings project in Peru. Both parties are continuing discussions regarding the acquisition of various mineral projects in Peru, according to a release.

In connection with the proposed transaction, Odyssey had advanced to LAI US$250,000 under a bridge financing agreement. Due to the ongoing negotiations, the company has agreed to extend the date of repayment of the advanced and accrued interest to March 31, 2017.