Browsing: Tigray Resources

Vancouver based East African Mining has entered into an agreement with Hong Kong mineral company, Sino Union Energy Group Limited for the acquisition of the Ethiopian mineral project, the Harvest Project. Harvest project is 70%-owned by Tigray Resources, a subsidiary of EAM and is located in the Arabian Nubian Shield in northern Ethiopia.

In a statement made to the shareholders, EAM said that a binding letter of intent to acquire a majority ownership stake in the Harvest Project whereby Sino Union will acquire 55% interest of the Harvest Project by making a cash payment of five hundred thousand dollars. It will also develop and operate the Terakimti Oxide Mine and fund 100 percent of Tigray Ethiopia Holdings Inc’s obligations related to the development and operation of the Harvest Project.

As part of the Harvest transaction, Sino Union has agreed to subscribe to a private placement to acquire equity in East …