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Sunburst eyes two Chihuahua properties

Bnamericas
Vancouver-based Sunburst Acquisitions IV (OTC BB: SBAQ) announced Monday it has until April 30 to complete a definitive agreement to buy two gold properties in northern Mexico's Chihuahua state gold deposits from local company Minera Rio Tinto. Minera Rio Tinto is the Mexican unit of Anglo-Australian miner Rio Tinto (LSE: RIO). Meanwhile, PricewaterhouseCoopers is analyzing property titles and performing due diligence for Sunburst, which aims to acquire the company through a share issue, a Sunburst corporate communications official told BNamericas. Sunburst estimates it can restart production at the Cieneguito property within six months at a rate of 20,000oz/y. The second property, Guazapares, has a drill-indicated resource of 500,000oz gold-equivalent. "Sunburst is focusing on acquiring medium-sized, high-grade deposits in which significant cash flow can be generated," it said in a statement. A shell company that focuses on acquiring new business opportunities, Sunburst uses in-house and outsourced geologists for its mining activity, the official said.

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