Asante Gold Corporation: Acquisition of Obotan Gold Project 1% NSR Royalty Announced
12 11월 2012 - 10:00PM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES
Asante Gold Corporation (TSX VENTURE:ASE)(FRANKFURT:1A9) (the "Company") has
reached agreement with Goknet Mining Company Limited, of Accra, Ghana,
("Goknet") to purchase a 1% NSR royalty Goknet holds on PMI Gold Corporation's
Obotan Gold Project in Ghana (the "Royalty").
The Royalty is being purchased for a deemed consideration of $22.5 million
consisting of the issuance of 45 million shares in the capital stock of the
Company at a deemed value of $0.50 per share.
Closing of the Royalty purchase by the Company will be subject to receipt of all
requisite regulatory, required third party, and shareholder approvals. It is
also anticipated that a private placement funding of up to $2 million will be
announced on market terms subsequent to the re-opening of trading in the shares
of the Company. The private placement will be for working capital purposes.
Douglas MacQuarrie, President, stated: "Based on an estimated mine production of
220,000 oz of gold per year, the 1% NSR royalty interest would represent 2,200
oz of gold and projected annual revenue of $3.74 million @ US$1700 per oz gold
price. The acquisition of the Obotan royalty provides Asante with a solid asset
base and near term cash flow to fuel future growth."
Shares of the Company to be issued as consideration for the purchase of the
Royalty will be subject to a four month plus one day hold period, unless they
are traded pursuant to an exemption to the resale restrictions. Goknet has
voluntarily agreed that 10% of the shares of the Company will not be subject to
any resale restrictions beyond the four month and a day hold period. The
remaining 90% of the shares will be released from resale restrictions as to 15%
every three months after the four month and a day period has expired.
Douglas MacQuarrie, President & CEO of the Company, is also the Managing
Director of Goknet. MIA Investments Ltd., a private company owned by the
MacQuarrie Family Trust, owns a substantial number of shares of the Company and
Goknet. The Company has appointed its two independent directors to act as a
Special Committee that will oversee the transaction from the Company's
perspective. In valuing the transaction, the Special Committee reviewed an
independent comprehensive valuation report with respect to the Goknet royalty
interest, a recent third party, primarily cash, term sheet offer for 1/2 of the
Goknet royalty interest, as well as other recent market based royalty
transactions. The Special Committee has engaged Salman Partners to prepare an
independent fairness opinion and has also retained independent legal counsel.
Salman Partners has provided a verbal opinion to the Special Committee that this
transaction is fair from a financial point of view to Asante shareholders, other
than MIA Investments Ltd.
PMI Gold Corporation ("PMI Gold"), the owner of the Obotan Gold Project, has
published the following information with respect to their Obotan Gold Project
(see PMI Gold news releases dated August 28, and October 26, 2012; and their
Feasibility Study dated September 17, 2012 and prepared by GR Engineering
Services Ltd., filed on Sedar (www.sedar.com) on September 19, 2012):
"The strong economics of the Obotan Project provide a solid investment case for
financing and development of the Obotan Project with the commencement of
construction targeted during Q1 of 2013 to achieve first gold production from
Obotan in 2014, conditional on obtaining all statutory approvals, Board
Approval, and the finalization of financing arrangements."
"Pre-Tax NPV of US$614M and Post-tax NPV of US$387M, assuming a US$1,300/oz gold
price, 5% discount rate and contract mining scenario:
-- Pre-tax IRR of 35% and post-tax IRR of 28%
-- Capital payback period of 2.9 years
At current prices of $1600/ounce,
-- Pre-tax NPV rises to US$1.07B and post-tax NPV to US$686M
-- Pre-tax IRR of 54% and post-tax IRR of 43%
-- Capital payback period of 2.0 years
-- average production of 221,500 oz Au pa over the first five years
-- Total production of 2.26 million recovered oz Au over the 11.5 year mine
life
-- Life-of-mine Project Revenue of US$2.9 billion
-- Estimated average life-of-mine cash operating costs of US$626/oz
-- Increased Proven and Probable Ore Reserves of 34.2Mt at 2.21g/t for
2.43Moz of gold across four deposits. This is a rise of 170,000 oz from
the January 2012 Pre-feasibility Study.
-- Capital cost estimate of US$296.6M including a pre-strip mining cost of
US$82.2M"
In addition, PMI Gold has also published the following Operating Costs and
Financial Evaluation with respect to the Obotan Gold Project:
"Operating Costs Breakdown
----------------------------------------------------------------------------
Total Cost US$/t US$/oz Au
Costs US$ Million Milled Recovered
----------------------------------------------------------------------------
Mining $ 850.4 $ 24.84 $ 376.5
----------------------------------------------------------------------------
Processing $ 473.1 $ 13.82 $ 209.4
----------------------------------------------------------------------------
General &
Administration $ 90.6 $ 2.65 $ 40.1
----------------------------------------------------------------------------
Sub Total $ 1414.0 $ 41.31 $ 626.0
----------------------------------------------------------------------------
Bullion and
Refining $ 12.1 $ 0.35 $ 5.3
----------------------------------------------------------------------------
Royalties $ 205.6 $ 6.01 $ 91.0
----------------------------------------------------------------------------
Total Operating
Cost $ 1631.7 $ 47.67 $ 722.3
----------------------------------------------------------------------------
Financial Evaluation
----------------------------------------------------------------------------
@ US$1300 / ounce @ US$1600 / ounce
----------------------------------------------------------------------------
Project revenue $ 2.9 B $ 3.61 B
----------------------------------------------------------------------------
Project pre-tax cash flow $ 953 M $ 1.58 B
----------------------------------------------------------------------------
Project pre-tax NPV (5% discount rate) $ 614 M $ 1.07 B
----------------------------------------------------------------------------
Project pre-tax NPV (8% discount rate) $ 472 M $ 856 M
----------------------------------------------------------------------------
Project pre-tax IRR 35% 54%
----------------------------------------------------------------------------
(PMI Gold Corporation news release dated 28 August 2012)"
The above noted disclosure with respect to the Obotan Gold Project is based
solely on public disclosure by PMI Gold Corporation which is filed on Sedar
(www.sedar.com). Other information contained in this news release has been
reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.), who is a
"qualified person" under NI 43-101. Douglas R. MacQuarrie as the Chief Executive
Officer and a director of the Company and as the Managing Director of Goknet,
did not vote or participate in the negotiation or completion of the final terms
of the purchase of the Royalty by the Company. All such negotiations, including
independent legal and fairness opinions were handled by a Special Committee of
the independent directors of Asante Gold Corporation.
On behalf of the Board,
Douglas R. MacQuarrie, President & CEO
About Asante Gold Corporation
Asante Gold Corporation (TSX VENTURE:ASE)(FRANKFURT:1A9) is a Vancouver based
gold royalty and exploration company, exploring the Fahiakoba Concession located
in the centre of Ghana's Golden Triangle between Perseus Mining's 280,000 oz Au
per year Edikan mine, and AngloGold Ashanti's 315,000 oz Au per year Obuasi
mine.
This news release contains forward-looking statements which involve known and
unknown risks, delays and uncertainties not under the Company's control which
may cause actual results, performance or achievements of the Company to be
materially different from the results, performance or expectations implied by
these forward-looking statements. We Seek Safe Harbour.
FOR FURTHER INFORMATION PLEASE CONTACT:
Asante Gold Corporation
Douglas MacQuarrie
President
+1 604-558-1134
douglas@asantegold.com
Asante Gold Corporation
Jag Sandhu
Director, Corporate Development
+1 604-306-1950
Asante Gold Corporation
Doreen Kent
Shareholder Communications
+1 604-948-9450
d.kent@eastlink.ca
Asante Gold Corporation
Kirsti Mattson
Media Relations
+1 778-434-2241
kirsti.mattson@gmail.com
Europe:
Florian Riedl-Riedenstein
Director
+43 2774 28814
frram@aon.at
(TSXV:ASE)
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