Anumso Gold Project - Ghana
The Company has a 90% interest in the Anumso Mining Lease, a ten year renewable mining lease for gold and associated minerals covering an area of 29 sq km located in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana
Anumso has a current JORC compliant resource of 166,865 oz of gold at 2.04g/t.
In September 2016 the Company executed an earn-in option agreement with Ashanti Gold Corp. (‘Ashanti’), a TSX-Venture Exchange listed company, which gives Ashanti the option for a US$3 million earn-in to the Anumso Gold Project.
The agreement provides for two options: in the first option period Ashanti will be given the opportunity to earn a 51% interest in Anumso by expending US$1.5 million on exploration on the project over 18 months (the 'Initial Option Period'). Ashanti has the unilateral power to terminate the agreement within the first 6 months of this Initial Option Period, and expenditure on the Project during this period will be at its sole discretion. Should Ashanti not exercise its right to terminate the agreement during the first six months, it will be obliged to expend US$1.5 million on Project expenditure during the Initial Option Period or pay the deficiency to Goldplat. Should Ashanti meet the expenditure condition within the Initial Option Period, it will be entitled immediately to exercise its option and receive an initial 51% of Goldplat's interest in the Project (45.9% of the overall Project licence).
Conditional upon exercising the Initial Option Period, Ashanti will be entitled to give Goldplat notice that it intends to invest further in the Project, which will trigger a second period of 12 months (the 'Subsequent Option Period') in which it will be given the option to earn an additional 24% of Goldplat's interest by expending a further US$1.5 million on exploration on the Project during the Subsequent Option Period or by paying the deficiency to Goldplat (the "Subsequent Option"). Expenditure during the Subsequent Option Period will be at Ashanti's sole discretion and will not be reimbursable if Ashanti does not exercise the Subsequent Option. Should Ashanti meet the expenditure condition within the Subsequent Option Period, it will be entitled immediately to exercise its option and receive a further 24% of Goldplat's interest in Anumso (21.6% of the overall Project licence).
Ashanti will be the operator of the exploration and development programme during the option periods, with a Joint Technical Committee being established to agree upon the work programmes. If Ashanti does not give Goldplat notice to trigger the Subsequent Option Period, or once the Subsequent Option has been exercised, a Mining Company will be formed, under a Joint Venture Agreement and the mining licence will be assigned to this Company. Both parties will contribute pro-rata to further development with either non-contributing party being diluted. If either party is diluted to 10%, this interest will be converted into a 1.5% Net Smelter Return (“NSR”), which can be bought out by the other party for US$100,000 per 0.1% NSR, for an aggregate of US$1.5 million.
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