Junior roundup: Zincore, Li3, GMV, Alder, Oceanus

Vancouverite Zincore Metals (TSX, Lima: ZNC) has executed a one-year, US$2mn loan agreement with compatriot First Quantum Minerals (TSX: FM, LSE: FQM) for working capital purposes, the former said in a release. The two firms have a JV agreement for the Dolores copper-molybdenum porphyry property in southern Peru. At maturity, First Quantum can elect to convert the loan into one of three options - a credit against its exploration expenditure obligations at Dolores; a credit against earn-in obligations at a new copper project with Zincore; or shares of Zincore. Zincore can also elect to repay the loan in cash. For the full release, click here *** South America-based Li3 Energy (OTCBB: LIEG) has signed an MOU to merge with Blue Wolf Mongolia Holdings (NASDAQ: MNGL), a British Virgin Islands blank check company. If it goes ahead, the deal would give Li3 additional funding to further advance the Maricunga lithium project in Chile's northern region III, the company said in a release. As part of the proposed transaction, Li3 shareholders would receive one common share of Blue Wolf for every 250 shares of Li3. Closing is subject to further due diligence and board and shareholder approvals, among others. Upon closing, Blue Wolf plans to change its name to Li3 Energy and will change its ticker symbol to LIEG. For the full release, click here *** Following a review of its 2012 exploration program in Guyana, the board of Vancouver's GMV Minerals (TSX-V: GMV) has decided to reduce exploration work in the country for the remainder of the current year, according to a release from the company. GMV is maintaining its option to earn a 100% interest in certain land packages in the country and is selling certain assets that it no longer considers necessary. The company is "actively searching for a value added resource based acquisition," the release said. For the full release, click here *** Toronto-based Alder Resources (TSX-V: ALR) has completed the first tranche of a previously announced non-brokered private placement, issuing 8.74mn units at Cdn$0.05 for gross proceeds of Cdn$436,750 (US$427,128), the company said in a release. A second tranche should close by April 30 for total proceeds of up to Cdn$1mn. The funds will go toward exploration work and for general corporate purposes. Alder has the Rosita copper-gold-silver porphyry project in Nicaragua. For the full release, click here *** Canada-based Oceanus Resources (TSX-V: OCN) has begun the phase I field program at its La Lajita gold property in Mexico's Durango state, the company said in a release. The program, expected to take six to nine months, involves further geological mapping, prospecting and sampling on the main zones and on immediate extensions along strike with the goal of defining drill targets on the Santo Niño, Dos Hermanos and La Guadalupe deposits. For the full release, click here