Ross Beaty

Ross Beaty

Canadian mining legend Ross Beaty, who founded Pan American Silver and the Lumina Copper Franchise, and made fortunes during the last decade's resource bull market, is quietly making moves in the junior mining sector again.

Earlier today Magellan Minerals announced a deal to sell to Ross its Pocone gold belt exploration projects in Western Brazil for $1.25 million. Magellan's partner in the Pocone belt, a private group called ECI Exploration and Mining (ECI), will also sell their interest to Ross under the same terms. Magellan and ECI will retain 20% each in NewCo, which Ross will seed with $5 million, and own 60%. No other details were provided on NewCo, such as whether it will be a private or a public company.

According to Magellan's press release, "The Pocone gold belt extends for at least 90km and is located in the southern part of the state of Mato Grosso. It is characterized by a series of highly deformed schists that are cut by gold-bearing vein swarms. Approximately 50 small open pit gold mines are currently in operation throughout the belt which has an estimated historic production of 6-12Moz of gold."

We called Ross for comment this morning and he told us that this is an interesting early stage gold play, however he said it was not a significant investment for him and he doesn't want to make a big deal about it.

So this is us not making a big deal about it... But we are pretty excited to see Ross making moves in the junior resource sector again.

Let the bull run!

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