Strike Resources acquisition boosts stake in Peru iron ore projects

Strike Resources has executed an agreement with Iron Asmake your 0wn metal detectors nzsociates Corporation (IAC) to purchase an additional 12% interest in Apurimac Ferrum S.A. (AF) from IAC, increasing its stake in AF to 56%.

The strategic acquisition was made for a consideration of US$1.2 million and 9 million SRK shares (6.3% undiluted). AF is the Peruvian company through which Strike holds its interest in the Apurimac and Cusco iron-ore projects in Peru.

In addition, an exclusivity agreement has been signed with D&C Group to negotiate the potential purchase of remaining AF shares on similar terms.

Strike has been in discussions with the AF shareholders over the past year to explore opportunities to increase its shareholding in AF.

This transaction is the first stage in the company’s strategy to simplify the AF shareholding structure and increase and consolidate its presence in the prospective...