Canadian Company Buys Bulgarian Gold Mines

Australian mining company International Resource Holdings (IRH) has agreed to sell its stakes in its two Bulgarian projects.

Martern, a unit of Canadian mineral exploration firm Euromax Resources, will become the new owner of IRH's units in Bulgaria after agreeing to buy them at a price of USD 112 000, which equals half the value of the funds invested by Martern in the projects under a convertible note agreement signed by the two companies in December.

Under the terms of the deal, International Resource Holdings will sell Thrace Resources, its wholly-owned unit in Bulgaria, following an evaluation of its financial position and the economic environment, tradingmarkets.com reported late Monday.

Thrace Resources holds the gold and silver drilling licences for the Rakitovo and Breznik deposits, in southern and western Bulgaria, respectively.

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