Gondwana Gold Inc. Announces Agreement to Acquire a Burkina Faso Company
14 Julho 2011 - 10:20AM
PR Newswire (Canada)
TORONTO, July 14, 2011 /CNW/ -- TORONTO, July 14, 2011 /CNW/ -
Gondwana Gold Inc. (the "Company") (TSXV: GON) today announced that
it has entered into an agreement to acquire the shares of LMZ Gold
(Burkina) SARL ("Burkinaco"), a private Burkina Faso company.
Burkinaco would, as a wholly owned subsidiary, act as the Company's
in-country operating entity and endeavour to build a portfolio of
value added gold exploration properties. Burkinaco holds an option
to acquire a 100% interest in the Kasseba permit in Burkina Faso.
The Kasseba property covers approximately 232 sq km and is located
approximately 125 km northwest of Ouagadougou, the capital of
Burkina Faso, on the Yako-Ouahigouya Highway RN-2. The property is
accessible on paved road to Yako and Gourcy and on dirt roads and
tracks. There is limited but sufficient infrastructure in the area
and good water access. The property shows northeast-trending
Birrimian metasedimentary sequences on which geological survey and
regional soil sampling has been planned. Burkinaco is entitled to
earn its 100% interest in the Kasseba permit if it makes aggregate
payments of US$210,000 over a 3 year period. The Kasseba property
is subject to a 1% Net Smelter Royalty in favour of the current
holder of the Kasseba permit, which may be bought out at anytime
for US$1,000,000. Burkinaco is also currently in the process of
finalizing the acquisition of three permits: Permit #1 which covers
approximately 248 sq km is located approximately 300 km southwest
of Ouagadougou and is easily accessible through Boromo on paved and
dirt roads. There exists sufficient infrastructure in the
area to support exploration along with good water access. The area
is known to contain numerous active artisanal gold working sites.
The property is underlain by favorable north-trending Birrimian
volcano-sedimentary sequences in which vein and stockwork
mineralization has been described. Detailed geological survey and
soil sampling is planned in the northern part of the permit as well
as RC drilling on various related targets. Permit # 2 which covers
approximately 140 sq km is located approximately 450 km southwest
of Ouagadougou near the Ghana border and is easily accessible
through Boromo and Gaoua on paved and dirt roads. There exists
sufficient infrastructure in the area to support exploration along
with good water access. The area contains numerous active artisanal
gold working sites. The property is located in the southern
Birrimian Boromo volcanic belt and is underlain by favorable
north-trending metasedimentary sequences, mafic metavolcanic and
intrusive rocks. Mineralization has been described in sulfide
bearing silicified and schistosed deformation zones. Detailed soil
sampling and geology has been planned on soil and outcrop targets
with follow-up RC drilling. Permit # 3 which covers approximately
181 sq km is located approximately 160 km southwest of Ouagadougou
on the Boromo highway and is easily accessible. There exists
sufficient infrastructure in the area to support exploration. The
property is located along the eastern margin of the Birrimian
Boromo volcanic belt and is underlain by metabasic and granitoid
rocks. Detailed soil sampling and geology has been planned on soil
and outcrop. The agreement provides that subject to the issuance of
each of Permits #1, #2 and #3 to Burkinaco, the Company will pay
the following cash and share consideration to the vendor of the
Burkinaco shares and the vendor's wholly owned company: for each of
Permits #1 and 2 the sum of US$135,000 plus 562,500 common shares
of the Company and for Permit #3 the sum of US$30,000 plus 155,000
common shares of the Company. No cash or share consideration will
be payable for Permit #3 unless both Permit #1 and Permit #2 have
been issued. If Permits #1, #2 and #3 are not received by December
31, 2011, the agreement may be renegotiated up to June 30, 2012.
The Company has advanced monies in recent months to Burkinaco on a
demand loan basis, which monies were used principally to acquire
the Kasseba option and for geological services. Completion of the
share purchase transaction is subject to the customary closing
conditions and receipt of all required regulatory approvals,
including the approval of the TSX Venture Exchange. About the
Company Gondwana Gold Inc. is focused on pursuing exploration and
development opportunities within the mining sector. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Caution Concerning Forward-Looking Information This news release
contains forward-looking statements that are based on the
Corporation's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include,
without limitation, statements regarding the Corporation's intent
to complete the acquisition of shares of Burkinaco and the timing
thereof, its plans with respect to Burkinaco acting as the
Company's in-country operating entity and endeavouring to build a
portfolio of value added gold exploration permits, and pursuing
acquisition opportunities within the mining sector. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events
or results implied or expressed in such forward-looking statements.
Factors that may cause actual results to vary materially include,
but are not limited to, the Corporation's financial resources and
the availability of financing alternatives, changes in general
economic conditions or conditions in the financial markets, the
availability of suitable exploration properties, the speculative
nature of mineral exploration, and unanticipated operational or
technical difficulties. Such forward-looking information is based
on a number of assumptions, including but not limited to, the
availability of financing, no significant decline in existing
general business and economic conditions, the level and volatility
of mineral prices and receipt of the approval of the TSX Venture
Exchange and any other applicable regulatory authority. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Corporation disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements
are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent
uncertainty therein. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/14/c5375.html p
bGo/bbndwana Gold Inc./bbr/ bYves Grou/bbr/ Presidentbr/ Phone:
(514) 237-7757 /p
Copyright
Gondwana Gold (TSXV:GON)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Gondwana Gold (TSXV:GON)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024