Benz Mining (ASX:BNZ) exercised an option to acquire highly prospective tenements adjacent to its Glenburgh gold project as well as a strategic tenement at the Mt Egerton gold project, both in Western Australia, according to a Friday Australian bourse filing.
It acquired four tenements from Mining Equities in exchange for 500,000 fully-paid ordinary shares of the firm and a grant of 0.75% net smelter royalty.
Benz may exercise this option until 30 days following the completion of its acquisition of the Glenburgh and Mt Egerton gold projects from Spartan Resources (ASX: SPR).
Benz's shares rose almost 5% in recent trading on Friday.
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