Golden Phoenix Minerals, Inc. reported that the company has signed an agreement to acquire Ra Resources Ltd., a mineral exploration and development company with properties in the Shining Tree project in Ontario, Canada.
Golden Phoenix Minerals, Inc. will issue 3.5 million shares of its common stock in exchange for each outstanding share of Ra Resources Ltd. The company said that the deal is expected to close in late November 2010.
The management of Golden Phoenix Minerals, Inc. said that the acquisition will allow further expansion into Canada. “The acquisition of Ra Resources and its portfolio of gold and base metal properties within the Shining Tree District of Northeastern Ontario, will expand our acquisition plan into Canada,” saidTom Klein, the CEO of Golden Phoenix Minerals, Inc.
Golden Phoenix Minerals, Inc. plans to develop prospective gold properties at the soon to be acquired Churchill Township gold project. Churchill Township is located in Ontario, and Ra Resources Ltd. recently completed a geological survey of the property in 2009. The survey revealed three separate gold trends at the property. Golden Phoenix Minerals, Inc. plans to conduct a five hole drilling program in early 2011 that will comprise 2500 meters.
Golden Phoenix Minerals, Inc. has interests in a mine in Browning Township, Ontario that contains areas that are prospective for gold, copper and zinc.
For more information on the company, go to www.golden-phoenix.com
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