Inomin shares jump on Mexico property acquisitions

Image from Inomin Mines.

Inomin Mines’ (TSXV: MINE) shares surged 15% on Monday following its recent property acquisitions to extend the company’s project portfolio beyond Canada.

Last week, the Vancouver-based miner entered an agreement to acquire the La Gitana and Pena Blanca gold-silver projects in Mexico from Gunpoint Exploration (TSXV: GUN).

As consideration, Inomin issued one million shares, paid C$25,000 cash and granted a 1.5% NSR royalty on the Pena Blanca property to Gunpoint. La Gitana is subject to an existing 3% NSR to a third party, which will be assumed by Inomin.

Both properties are located approximately 100 kilometers east of Oaxaca City within the Oaxaca gold-silver belt, which hosts several operating precious metals mines and prospects including Gold Resource’s (NYSE: GORO) Arista and Mirador gold-silver mines and Fortuna Silver’s (TSX: FVI) San Jose gold-silver mine.

Inomin is currently developing the Beaver-Lynx sulphide nickel project and the Fleetwood zinc-copper-gold-silver VMS project, both located in British Columbia. It also owns the King’s Point gold-copper-zinc project in Newfoundland under option to Maritime Resources (TSXV: MAE).

The company has a market capitalization of approximately C$3.1 million.