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As part of its acquisition
of Wega in June 2009, Avocet acquired a 58% interest
in Merit Mining Corp, a TSX-V-listed (ticker: MEM) exploration and mining company
with operations in British Columbia, Canada.
Merit Mining Corp owns,
among other projects, the high-grade gold-copper
Lexington-Grenoble deposits (Greenwood project)
in British Columbia, Canada, and has an option
to acquire 100% of the J&L gold-silver-zinc-lead
project. All Merit Mining Corp's operations are currently on care and maintenance.
In November 2009, Avocet announced it has entered into a conditional agreement with a private company to divest of its interest in Merit Mining for cash consideration of up to C$7 million. As the sale process involves a series of tranches of share sales, Avocet currently holds 43.5% of Merit’s outstanding shares.
For more information about
Merit please visit their website at www.meritminingcorp.com.
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