Senetek Plc reported that the company has closed on the acquisition of Iron Eagle Acquisitions, Inc., a mining company with assets in the western United States. The company intends to move forward with development of these properties as soon as practical.
Senetek Plc issued 8.15 million shares of its common stock and acquired all the outstanding shares of Iron Eagle Acquisitions, Inc., which owns the Gray Eagle Mine in California, and the Iron Creek Property in Idaho.
The Gray Eagle Mine is located in Siskiyou County, California, and consists of 344 acres of patented mining claims. The mine has historically produced copper and gold, and has been owned and operated by several different companies during its existence.
Senetek Plc said that Pincock, Allen and Holt, a mining consulting firm, conducted an analysis of the Gray Eagle Mine in 1990. The study found that copper and gold reserves were still present at the site in quantities that could be commercially extracted.
The Iron Creek Property is located in Lemhi County, Idaho, and consists of 140 acres of patented mining claims. The mine has historically produced copper and cobalt.
For more information on the company, go to www.senetekplc.com