The companies are now in the final stages of establishing a Turkish holding company to hold the license for the Karasu property and to facilitate exploration and development of the property.
Closing of the transactions contemplated in the earn-in agreement is expected by the end of November 2011.
Texada said it believes that there may be significant unexploited mineral resources in Turkey and that the heavy mineral sand deposits at the Turkish Black Sea coast are excellent sources of monazite-(Ce) which is known to be rich in economically relevant rare earth elements like neodymium and praseodymium.
