Komet Resources Inc. Signs a Memorandum of Understanding to Acquire a Gold Mine in Burkina Faso
28 5월 2014 - 9:15PM
Marketwired
Komet Resources Inc. Signs a Memorandum of Understanding to Acquire
a Gold Mine in Burkina Faso
QUEBEC CITY, QUEBEC--(Marketwired - May 28, 2014) - Komet
Resources Inc. ("Komet") (TSX-VENTURE:KMT) announces that it has
signed a memorandum of understanding to acquire the Guiro gold mine
owned by Stremco SA ("Stremco"), a private company in Burkina
Faso.
Stremco owns the 65 km2 Guiro's exploration and operating
license (Decree 2007-120 dated March 5, 2007) and was operating
until July 2013 a "small scale mine" according to the mining code
of Burkina Faso (200 tons per day maximum).
Based on a feasibility study carried out in 1997 by European
Mining Finance Ltd, i.e. prior to the National Instrument 43-101
concerning information on mining projects ("NI 43-101"), the
government of Burkina Faso granted an exploration permit by
Ministerial Order (arrêté ministériel) No 94-097 dated May 6, 1994
and a small scale mine production permit by Presidential Decree
(décret du president) No 2007-120 dated March 5th, 2007. An
environmental impact assessment was released in January 2004, in
accordance to the law.
Guiro mine produced from 2011 until July 2013. According to
unverified information provided by Stremco, 18,267 tonnes at 8.58
g/t Au was processed in 2011, 21,904 tonnes at 9.46 g/t Au in 2012
and 9,490 tonnes at 6.69 g/t Au until July 2013, when the
operations stopped. All the historical data and information above
have not been verified and are not in accordance with NI 43-101
standards for disclosure.
The Memorandum of Understanding specifies, amongst other
matters, the following provisions:
- Provide Stremco with an amount of $600,000 CAD that will be
used to clear Stremco's liabilities with a creditor of Stremco.
This amount will be kept in trust until obtaining a final release
and discharge from such creditor.
- Komet agrees to assume Stremco's existing debt towards Société
Générale des Banques of Burkina Faso, that currently amount to
$2,174,300 CAD;
- Issue 3,000,000 common shares to Stremco, which represents less
than 10% of the total number of shares issued and outstanding;
- Komet will grant Stremco a gross royalty of 2% of gold sales
made above the amount of $1,300 CAD/ounce (spot price). The payment
will be made in installments by Komet from the 6th month following
the restart of production date of the Guiro mine, up to a maximum
of 2,000,000 CAD).
The transaction must be approved by Komet's Board, Canadian
regulatory and market authorities and Burkina Faso government
authorities. The memorandum of understanding is valid until June 1,
2014.
Stremco is at arm's length with Komet.
Jacques Marchand, P.Eng. P.Geo., is the Qualified Person who has
reviewed this news release and is responsible for the technical
information presented there, including verification of the data
disclosed.
More information about the corporation is available at:
www.kometgold.com
Neither TSX Venture Exchange nor the regulatory service
provider (as the term is defined in TSX Venture Exchange's
policies) accepts any liability of any kind as to the authenticity
or accuracy of this release.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking information" or "forward-looking statements" as
set out within the context of security law. This forward-looking
information is subject to many risks and uncertainties, some of
which are beyond Komet Inc.'s ("Komet") control. The actual results
or conclusions may differ considerably from those that have been
set out, or intimated, in this forward-looking information. There
are many factors which may cause such disparity, especially the
instability of metal market prices, the results of fluctuations in
foreign currency exchange rates or in interest rates, poorly
estimated reserves, environmental risks (stricter regulations),
unforeseen geological situations, unfavorable extraction
conditions, political risks brought on by mining in developing
countries, regulatory and governmental policy changes (laws and
policies), failure to obtain the requisite permits and approvals
from government bodies, or any other risk relating to mining and
development. There is no guarantee that the circumstances
anticipated in this forward-looking information will occur, or if
they do occur, how they will benefit Komet. The forward-looking
information is based on the estimates and opinions of Komet's
management at the time of the publication of the information and
Komet does not assume any obligation to make public updates or
modifications to any of the forward-looking statements, whether as
a result of new information, future events, or any other cause,
except if it is required by securities laws.
Outstanding shares: 40,255,047
Investors relations and information:Andre GagnePresident and
CEO581-300-1666a.gagne@kometgold.comSkype: andregagne11
Komet Resources (TSXV:KMT)
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