Mustang Resources Ltd (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has entered into a merger agreement for its Montepuez ruby assets with TSXV-listed Fura Gems Inc. (CVE:FURA) for A$10 million in shares.
Fura Gems Inc.
Fura Gems Inc. (CVE:FURA) (FRA:BJ43) is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol "FURA".
Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest the Coscuez emerald mine in Boyacá, Colombia and a 100% interest in the emerald licence ECH -121. Fura is involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby licences (4392, 3868, 3869 and 6811) that it acquired in November 2017.
Mustang Resources (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has discovered a new ruby-bearing gravel deposit just 3.5km from its processing plant at the Montepuez Ruby Project in Mozambique.