Gossan Resources Limited (TSXV:GSS) has signed a Letter of Intent with East Mining Company SA to understand the prospects of acquiring mineral projects within Europe and to assess three potential projects in Greece.
As quoted in the press release:
Under the terms of the LOI, Gossan will invest Euro 300,000, currently about CDN $420,000, and provide certain expertise for a 40% equity interest in EMC, a private company in registration, subject to due diligence and receipt by EMC of one or more mineral resource licenses by no later than March 31, 2012, or such other agreeable date, and the approval of the TSX Venture Exchange.
Gossan Resources’ CEO, Douglas Reeson commented:
“An investment in East Mining Company provides Gossan with the opportunity to participate in a material re-valuation of mineral assets and potentially support Gossan in broadening its magnesium strategy into Europe.”