Equitas Resources has received final TSX Venture Exchange approval and has finalized the acquisition of Alta Floresta Gold Ltd. Alta Floresta Gold has also increased its working interest in all of the Brazilian gold properties from 60% to 100%.
Alta Floresta Gold was successful in increasing its equity share in Alta Floresta Gold Mineracao S.A., its Brazilian operating subsidiary, from 60% to 100% by further investment and agreed acquisition from the minority stake holder ECI Exploration & Mining Ltd.
The immediate focus for Equitas will be to increase current gold production at the Cajuiero Project and to identify additional resources in the known mineralized areas. Currently Alta Floresta Gold is realizing small-scale sluice-box production from the mineralized alluvium and saprolite. As part of the expansion plan Equitas plans to acquire, and put into production, a gravity processing plant that is located near the Cajueiro Project.