Silver Lake to acquire Phillips River assets

THE BOURSE WHISPERER: Gold exploration and production company Silver Lake Resources announced today that an agreement had been reached for Phillips River Mining to sell its assets to Silver Lake for a transaction value of approximately 20 million dollars.

The agreement comes after a proposed Scheme of Agreement was terminated on 12 March 2012.

Under an Agreement for Sale of Assets and extension of Exclusivity Deed, Silver Lake has agreed to purchase Phillips River’s Kundip gold project and other mining tenements and assets unrelated to the Trilogy project.

Silver Lake has also agreed to purchase Phillips River’s Trilogy polymetallic project in exchange for the issue of 2,294,118 SLR shares.

The Asset Sale Agreement also provides Silver Lake with certain notification and matching rights regarding competing proposals, including that Phillips River will give Silver Lake five business days to match any genuine competing offer received by Phillips River.