Junior roundup: Panoro, Santacruz, Minsud, Aguia, Promesa

Vancouver's Panoro Minerals published a preliminary economic assessment for its Cotabambas copper-gold-silver project in Apurímac, Peru.

The PEA established project capex for the 80,000t/d open pit mine at US$1.38bn, the company said. Cotabambas is expected to produce 143Mlb (64,900t) copper, 88,000oz gold and 967,200oz silver with cash costs of US$1.26/lb copper including by-product credits over its 19 year mine-life, Panoro said.

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Vancouver-based Santacruz Silver, which has operations in Mexico, said it received an extension on repayment of a loan from JMET.

Santacruz will now have until the end of the year to repay US$5mn due April 1, the company said in a statement. Santacruz, which made a US$2mn down payment on the US$7mn loan on April 1, extended the terms of the loan after operations were temporarily halted at its Rosario silver-gold-zinc-lead mine in the first quarter.

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Toronto-based Minsud Resources announced the closing of a non-brokered private placement of units for gross proceeds of Cdn$900,000 (US$712,403).

Net proceeds will be used to continue the exploration program at its Chita Valley polymetallic project in Argentina's San Juan province, payments related to option agreements and financing of property acquisitions well as working capital and corporate overhead requirements, according to a press release.

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The shares of Australia's Aguia Resources will resume trading on April 15 pending the release of a capital raise announcement, the company said in a filing with the ASX.

Aguia Resources is focused on exploring and developing phosphate and potash projects in Brazil.

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Australia-based Promesa Limited, which focuses on projects in Peru, announced it has entered into a heads of agreement to acquire 100% of the shares of Thredit Ltd, the developers of social media platform Thred, according to a securities filing.

The decision was made based on an analysis that under current market conditions it is very difficult to carry out exploration in the projects the company holds, Promesa said.