The deal includes drill ready prospects that'll be acquired for A$350,000 cash, 65 million shares equivalent to 10% of Los Cerros' issued capital - and jobs Glenn Twomey and John Dobe.
Los Cerros is acquiring Twomey and Dobe's company Footprint Resources, holder of nearly 4000sq.km of ground in PNG.
Following completion of the acquisition, Los Cerros will focus initially on a 3000m diamond drilling program at the Kusi target within the Ono project, where historical results such as 35m at 3 grams per tonne gold from 136m have been reinterpreted as representing "significant potential for a near surface, high grade gold-copper oxide skarn deposit".
Meanwhile, Los Cerros said it continues towards scoping work on the Quinchia project in Colombia "which de-risks the project through building confidence in the current 2.6 million-ounce resource and simultaneously dials down Colombian expenditure pending greater clarity on new government mine development policies".
Los Cerros had $11 million cash at the end of September.
The company raised $20 million at 16c per new share in mid-2021.
Shares in Los Cerros were up nearly 20% to 4.3c in midday trade, capitalising the company at $28 million.
