BRIEF-Arena Minerals says B2Gold will not fulfill commitments of two properties

Wed Jul 13, 2016 9:03am EDT
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July 13 (Reuters) - Arena Minerals Inc :

* Received notice from B2Gold that it will not fulfill minimum exploration commitments of Cerro Barco and Pampa Paciencia properties

* As per deal, B2Gold to pay US$1.5 million to Arena by issuing common shares of B2Gold to arena, make cash payment to Arena of us$241,000

* Says both these properties will revert back to Arena

* All payments to be made by july 26, 2016

* Arena Minerals Inc says Cerro Barco target identified by Arena prior to signing of agreement remains undrilled

* Says Arena will review its alternatives with respect to Cerro Barco and Pampa Paciencia prospects Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)