Xplore Resources will join the Diamond Mountain project

The Canadian company Xplore Resources signed an agreement with Revival Gold to acquire a 51% stake in the Diamond Mountain project (Utah, USA), while the remaining 49% belongs to Utah Mineral Resources.

The Diamond Mountain project occupies an area of 547 hectares with phosphorite reserves of 26.8 million tons and predicted resources of 23.1 million tons. The average content of phosphorus pentoxide is 19.67%.

As follows from the agreement, Xplore Resources will pay CAD250 thousand (approximately $196,000) to Revival Gold upon completion of the transaction and the same amount a year after the acquisition, as well as will provide Revival Gold with 2 million of its own shares.