Gentor Resources Inc. Closes Acquisition of APM Mining Limited
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Patterson, Idaho — Gentor Resources, Inc. announced the acquisition of APM Mining Limited pursuant to the closing under the Share Exchange Agreement dated February 23, 2010 between the Company, APM Mining and Arabian Peninsula Projects Ltd. As a result of the acquisition, the Company, through its wholly owned subsidiary, APM Mining, holds the earn-in rights to the Block 5 and Block 6 copper exploration projects located in the Sultanate of Oman. The Company believes that these projects have significant potential for copper mineralization.
As consideration for this acquisition, the Company issued 13.063 million of its previously authorized and unissued common shares for ownership of 100 percent of APM Mining Ltd. Following this transaction, Gentor would have 35.563 million shares outstanding.
Pursuant to the Earn-In-Agreement between Al Fairuz Mining Company, LLC and APM Mining, the Company, through APM Mining, has the right to earn up to a 65 percent equity position in Al Fairuz Mining. The Company is pleased to be working closely with Sheikh Yasser Salem Al Fairuz, the key representative of Al Fairuz Mining, to explore and develop the Block 5 Project.
Pursuant to the Earn-In-Agreement between Al Zuhra Mining Company, LLC and APM Mining, which relates to the Block 6 Project, the Company, through APM Mining, has the right to earn up to a 70 percent equity position in Al Zuhra Mining. Gentor looks forward to working in partnership with Sheikh Ahmed Fahrid, the lead representative of Al Zuhra Mining, as it moves forward with the development of the Block 6 Project.
The Board is also pleased to announce that Sheikh Yasser Salem Al Fairuz has agreed to become a shareholder in Gentor Resources.
In addition to the copper projects, Al Fairuz Mining and Al Zuhra Mining have numerous business interests in Oman and internationally in the mineral exploration, oil and gas, heavy plant and equipment, manufacturing, infrastructure development, fisheries, real estate and hotels and agricultural industries.
For more information:
Web site: http://www.gentorresources.com
