March 28, 2011 / 11:56 AM / in 7 years

UPDATE 1-Lago Dourado to buy rest of Brazilian gold project

* To buy remaining 16 exploration licenses

* To pay C$1 mln in cash, issue 1.5 mln shares (Follows alerts)

March 28 (Reuters) - Canadian mineral explorer Lago Dourado Minerals Ltd said it would buy the remaining 16 exploration licenses at its flagship gold project in Brazil from its joint venture partner.

Lago Dourado will pay Geomin, a local private consulting firm, C$1 million in cash and issue 1.5 million shares and 1 million warrants.

With the deal, expected to close before April 15, Lago Dourado will hold a 100 percent interest in the Juruena project, which consists of 25 exploration licenses.

Shares of the Toronto, Ontario-based company closed at 85 Canadian cents on Friday on the Toronto Venture Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)

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