CVK Mining Completes Acquisition Process for 70% of Virtus Mining Ltd. Shares
In line with the long-term investment plans and growth targets of CVK Maden İşletmeleri San. ve Tic. A.Ş., another significant acquisition process has been completed.
Pursuant to the decision taken by the CVK Mining Board of Directors on May 17, 2024, it was disclosed to the public via the Financial Fixed Asset Acquisition statement on the Public Disclosure Platform (KAP) that an agreement was reached with Metallurgium Investment Limited to acquire 70% of the shares of Netherlands-based Virtus Mining Ltd., which holds 100% of the shares of Turkey-established Aldridge Mineral Madencilik A.Ş.
In accordance with the share transfer agreement signed between the parties, overseas share transfer procedures were completed as of December 30, 2024.
Respectfully announced to the public and our investors.
About the "Yenipazar Polymetallic Mining Project"
The Group IV Operating Licensed area located in the Yenipazar district of Yozgat province, belonging to Aldridge Mineral Madencilik A.Ş., contains gold, silver, copper, lead, and zinc ores. According to the "Resource Report Coded UMREK-2023" dated April 24, 2024, prepared by National Mineral Resource and Reserve Reporting Committee ("UMREK") officials for the Yenipazar Mining Area—a polymetallic project—the site contains:
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1,211,084 ounces of Gold,
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40,017,230 ounces of Silver,
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123,156 tonnes of Copper,
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401,833 tonnes of Lead, and
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585,694 tonnes of Zinc resources.
The total Gold equivalent of the mineral ores specified in this Resource Estimation Report is 3,465,066 ounces, with the current value of the mineral resource estimated at approximately 9 billion US Dollars.
The mineral resources specified in this Resource Estimation Report are limited to approximately 10% of the 9,239-hectare license area included within the project and were derived from exploration conducted in this section.