Aurum expands West African gold holdings with key acquisitions
According to the agreement, Aurum will pay the FCFA 7 million ($ 19,000) for a share of 35 percent in the MSP and will contribute to FCFA23 million ($ 63,000) for MSP’s operations before obtaining its first discovery permission.
The gain structure allows Aurum to increase its interest through a three -stage discovery milestone.
Spending $ 1.5 million ($ 2.29 million) or drilling 7000 meters in two years; Then spend $ 3 million ($ 4.58 million) or 15,000 meters in four years to reach 80 percent; Then the completion of a preliminary feasibility study to secure 95 percent.
The milestone payments made to the MSP include $ 250,000 for the equivalent of resources triggered by 250,000 ounces Jorc in Phase 1 and $ 1 per ounce in the two and third stage of cash or Aurum shares.
During the mining phase, MSP may contribute to 5 percent of construction costs and maintain 4.5 percent of shares or gain 3 percent free transport if it does not. The Côte D’Ivoire government will have a 10 percent shares.
Aurum’s limited project is currently a Jorc source of 2,41 million ounces of gold during six deposits. The company has 0.87 million ounces in the Napié Gold Project, about 80 km southeast of its border.
Limited and satellite expectations and deposits, Resolte Madencilik’s 11.5 million ounce Syama Gold project, and Barrick Mining’s 5 million ounces of Tongon Gold operation, and the major operations, including others, sit well in the highly possible unit.
10 Aurum with the remarkable complement of the Diamond Drill Cut, Aurum can make highly active, selective and cost -effective discovery. It plans to complete 100,000 meters of drilling by the end of the year and to present two resource updates by the end of the year and a preliminary feasibility study for a limited project.
The company’s last $ 35.6 million dollar settlement provides a solid financing with the next steps of Aurum, including cooperation with the MSP, with the next steps of Aurum, with the next steps of Aurum for three permission.
Once you have been given, Aurum plans to launch the first drilling programs that will include diamond drilling to explore gold potentials in new rental areas.
The latest addition of Aurum’s potential portfolio of approximately 500 kilometers represents an important extension of the company’s portfolio in the already defined targets.
New acquisitions strengthen Aurum’s robust position in Côte D’Ivoire’s rapidly growing gold industry and increases the expectations of expanding the company’s rapidly growing gold inventory.
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