AIM Exploration signs preliminary deal to acquire Silica properties in US
AIM Exploration has entered into a preliminary agreement to acquire a privately owned company that owns Silica concessions in Utah, US.
Over the past year AIM has been working diligently to acquire the Silica rich properties of Crystal Sands. The deal AIM is ready to consummate and is expected to close by the end of Q-2. This would mean that AIM would acquire all the shareholdings of Crystal Sands.
Crystal Sands currently holds mining concession rights including mining (metallic and non-metallic) permits for properties located in Utah consisting in excess of 600 acres which is rich in Silica. AIM has completed extensive research on this property and a Stim Lab report indicates the raw samples tested are in excess of 97% Silica.
The property is strategically located within close proximity to transportation, easy road access with readily available access to water and electricity.
AIM Exploration CEO Bob Todhunter said: "This acquisition works very well with our existing ownership in Paladino (producer of Feldspar) as both Feldspar and Silica are key ingredients for glass production and is expected to enhance the future profitability of AIM Exploration."
Source: Company Press Release