Texada Ventures and Anadolun Madencilik have inked an Earn In agreement. According to this agreement, Texada can secure a 95% of interest in the Karasu rare earth metals project of Anadolun, after attaining certain payment requirements. This project is situated at the Black Sea coast in Turkey.
Currently, Anadolun and Texada are in the last phase of forming a Turkish company to have the Karasu property license and to support the exploration progress of the Karasu property.
It is expected that the final closing of the business deal that is considered in the agreement, will be on or prior to the end of November, 2011.
Anadolun and Texada have considered that considerable unused mineral resources are present in Turkey. The deposits of heavy mineral sand located at the Turkish Black Sea coast are good monazite-(Ce) sources, which are rich in significant rare earth elements such as praseodymium and neodymium. The Monazite placer deposits might be feasible rare earth oxide sources, because they can be explored normally with easy, inexpensive infrastructure. It is anticipated that the barrier for the viability of a project is anticipated to be lower and the time taken to market from mining is considerably shorter.
Texada’s CEO has commented that the company is excited to become the active miners of Turkish rare earth elements.
Source: http://www.texadaventuresinc.com/