Coalhunter Mining to be acquired by Cardero Resources for $2 million

Cardero Resource Corp. announced on Friday that it will acquire all of Coalhunter Mining Corporation's outstanding securities. Cardero will pay about Can$2.1 million in the transaction.

Cardero Resources was up over 5% on the TSX to Can$2 a share.

According to a statement by the company, Cardero currently holds about 45.5% of the common shares of Coalhunter. Coalhunter, a private British Columbia company, holds a 75% interest in the Carbon Creek metallurgical coal deposit, located in northeast British Columbia, which is estimated to contain 132.8 million short tons (120.47 metric tonnes) of coal. Cardero has gold, copper and iron projects in Peru, Mexico and Argentina.

Michael Allan McCrae wrote this story. You can contact him at [email protected].