Saturday, January 9, 2010

US exploration company acquires BVI-registered APM Mining Ltd.

The US-based mineral exploration and development company Gentor Resources, Inc. announced that a letter of intent has been signed by Gentor and Arabian Peninsula Projects Ltd., African Precious Minerals Ltd. and Tembo Capital LLP, relating to the acquisition by the US company of all of the issued and outstanding equity securities of British Virgin Islands-registered APM Mining Limited. By terms of this transaction, 13.063 million of Gentor's previously authorized and unissued common shares will be exchanged for ownership of 100% of the BVI company.

Upon the conclusion of the transaction, Gentor will receive secured earn-in rights in two exploration blocks in the Sultanate of Oman, totalling 1,266 square kilometers. The US company is planning to increase its exploration holdings in the region in order to become a leading exploration company focused on this region.

BVI-registered APM Mining Limited is a mineral exploration company having the earn-in rights to specific exploration ground holdings in Oman, comprising strategic sites identified as having significant potential for copper mineralization.

It is anticipated that Gentor will execute a definitive agreement and conclude the closing of the acquisition transaction within the next few weeks.