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Echo Resources (ASX:EAR) is continuing to receive significant gold intersections from drilling at the Empire District in the Yandal gold belt of Western Australia.
Intermin Resources (ASX:IRC) has signed a binding agreement to acquire the Anthill gold project located 54 kilometres northwest of Kalgoorlie-Boulder in Western Australia.
Echo will now send compulsory acquisition notices to acquire all remaining Metaliko shares not accepted in the takeover bid in accordance with the Corporations Act.
Investors have reacted well to news that gold-focused companies Echo Resources and Metaliko Resources will merge in a deal worth $38.9 million.
Echo Resources and Metaliko Resources are expected to announce a tie-up this week, after the two ASX-listed companies with assets in the eastern Goldfields region announced trading halts today.
Metaliko Resources Ltd (ASX:MKO) has been granted a trading halt by the ASX, with its shares placed in pre-open. Metaliko requested the halt pending a material transaction. The halt will remain in place until the opening of trade on Friday 30th September 2016, or earlier if an announcement is made to the market.
Metaliko Resources Ltd (ASX:MKO) is focused on advanced gold exploration projects with identified gold mineralization and the potential for further significant discoveries. Metaliko's project portfolio is located in the Eastern Goldfields of Western Australia.
Cashed up Intermin Resources Ltd (ASX:IRC) continues to deliver on a strategy to consolidate the fragmented Menzies to Kalgoorlie corridor in Western Australia, to grow its gold ounce resources. Intermin will issue shares worth $375,000 to Metaliko Resources Ltd (ASX:MKO) to acquire 100% of their tenement package of: four Exploration Licenses, 56 Prospecting Licenses, one miscellaneous License and five Mining Leases covering 141km².