Blackheath Resources (BHR.V) has announced it signed an agreement whereby it could earn a 100% interest in the Limoes exploration license at approximately 90 km northeast of Porto, Portugal.
These licenses contain the past-producing Adoria project which was in production from 1906 till 1972 and reached its peak during the second world war, when over 5,000 people were working at the project to mine tin and tungsten.
As this is Blackheath’s fifth project in Portugal, we can be sure about the company’s intentions to re-open Portugal’s past-producing tungsten and tin districts and we expect a steady news flow in 2014. Blackheath is currently raising money in a private placement at C$0.25/share with a half-warrant at C$0.35 valid for two years. If you’re interested in participating in this private placement, you can reach out to Alexander Langer, Vice President Corporate Development at alanger@blackheathresources.com.
Blackheath will have to spend 220,000 EUR on the property in the first two years of the agreement, and make staged payments totaling 1.1M EUR (of which the final 1M EUR has to be paid when reaching the full scale commercial production stage).
> Click here to read the press release
Disclosure: The author holds a long position in Blackheath Resources and participated in the current private placement. Blackheath Resources is a sponsor of the website. Please see our disclaimer for current positions.
