Junior corporate roundup: Lithium Energi, Mexican Gold, Chinalco, Duran

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Thursday, April 27, 2017

Argentina-focused Lithium Energi appointed Miles Rideout as the company's director of exploration, a press release said.

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Mexican Gold, formerly Source Exploration, has arranged a non-brokered private placement of units for gross proceeds of up to Cdn$1.5mn (US$1.1mn) which will be used to continue exploration on its Las Minas project in Veracruz state, for property payments and for general working capital purposes, a statement said.

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Australia's Chinalco Yunnan Copper Resources entered into a binding term sheet to acquire an initial 30% interest in Bonito Minerals, which holds an option to purchase the La Dura project area in Durango state, Mexico.

Chinalco will pay a total of Aus$1mn (US$745,900) by way of a cash and share combination. The company has a due diligence period until May 31 before proceeding with the acquisition, a securities filing said.

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Peru-focused Duran Ventures completed the first shipment of zinc and lead-silver concentrates from the Aguila Norte processing plant. The concentrates are 100% wholly owned by Minera Aguila de Oro, the company's 80%-owned subsidiary that owns Aguila Norte.

Duran entered into an agreement with mineral trader Ocean Partners to purchase the concentrates and the final settlement of this batch will be about US$141,000, the former said in a statement.