Austral Gold Limited
(ASX:AGD) says it has the support of Argentex Mining Corporation to explore the acquisition of the junior mineral exploration company.
Argentex boasts an impressive portfolio of 27 exploration and developmental assets in Argentina including the Pinguino Silver Gold project in Santa Cruz.
Austral Gold hopes to acquire the remaining 80 per cent of Argentex shares it doesn’t already own by way of a share-for-share exchange of .56 of Austral shares.
Austral will also use the purchase to pursue a listing on the TSX Venture Exchange giving access to North American investors.
Austral reported a net profit of $8.04 million for the year ended 31st December 2014.
