01 Apr Ashanti Gold exercises earn in option for Goldplat’s Ghana gold project
Ashanti Gold Corp (TSXV:AGZ) has exercised its right to an earn in on Goldplat’s (AIM:GDP) Anumso gold project in Ghana.
The Canadian miner will acquire an initial 51% in the West African project through expenditure of US$1.5 million over the first 18 months with an option to earn a 75% interest by expending a total of $3 million on exploration over two and a half years.
Ashanti had a six-month review period to decide if it wanted to withdraw from the agreement but decided to commit to the earn in option.
The government of Ghana has a carried 10% interest in all mineral and mining concessions in Ghana, therefore Ashanti’s potentiail 75% interest in Goldplat’s 90% will reflect a 67.5% net interest.
Goldplat’s chief executive, Gerard Kisbey-Green, said: “The working relationship between the two parties is very good and the work done by Ashanti to date has already enhanced the understanding of the potential of the project.
“This agreement ensures we maintain strategic exposure to this prospective asset whilst Ashanti assumes the capital and operational responsibilities, and with their competencies already proven, we look forward to continuing to support Ashanti as they advance Anumso.”