SearchGold Sells Remaining 27% Interest in Bakoudou-Magnima to Managem
19 5월 2011 - 10:30PM
Marketwired
Editors Note: There is a map associated with this press release
SearchGold Resources Inc. ("SearchGold" or "Company") (TSX
VENTURE: RSG)(FRANKFURT: S1O) wishes to announce the signature of a
Purchase and Sale Agreement (the "Agreement") with Managem
International A.G., Managem and Ressources Golden Gram Gabon
("REG") for the sale of its remaining 27% interest in the
Bakoudou-Magnima Gold Project ("Bakoudou-Magnima") located in
Gabon, Africa.
Under the terms of the Agreement, SearchGold will receive a cash
consideration of US$800,000 and retain a 0.75% Net Smelter Return
("NSR") in Bakoudou-Magnima.
The Bakoudou-Magnima project covers 2,934 km2 and comprises
three distinct permits (see attached figure or visit:
http://www.searchgold.ca). :
1. Bakoudou exploitation permit - 160 km2 (contained in Magnima permit)
2. Magnima-Bakoudou exploration permit - 2,134 km2
3. Lebombi exploration permit - 640 km2
The official Bakoudou Zone A mine start-up is scheduled for July
2011 and the NSR will be payable on a quarterly basis.
Philippe Giaro, SearchGold's President and CEO, stated "We are
satisfied to have signed this Agreement with Managem which now
gives them a 100% control of Bakoudou-Magnima. This transaction
also provides SearchGold's shareholders with project blue-sky
through a production NSR. While the NSR provides SearchGold with
some cash directly from the first gold pour, it also allows
SearchGold to benefit from any future expansion and discoveries.
Managem has so far supported the costs towards project development
and given the initial mining project size, the CAPEX involved and
the current share price for the Company, the financing of
SearchGold's share of the project would have been too dilutive.
While several options have been considered by the Company since the
June 2010 annual meeting, the board of directors is of the opinion
that the Agreement will provide the best situation for SearchGold
in the short to long term. This transaction is also in line with
SearchGold's strategy to retain an interest in all the important
assets it has acquired and developed during its existence as a
public company to build a strong portfolio of investment
assets."
This transaction is subject to the approval of the TSX Venture
Exchange.
About Managem and Bakoudou-Magnima
Managem, a well established African-based mining company has
been developing Bakoudou-Magnima as project operator since July
2005. Through its subsidiaries, Managem operates 6 mines in Morocco
and was also involved in the development of two gold mines in West
Africa. The project is located in south eastern Gabon and is
accessible by road. As previously disclosed in the 2008 NI 43-101
compliant Mineral Resource and Mineral Reserve estimate for Zone A,
the project contains Reserves of 155,000 ounces of gold (Proven
Reserves of 0.58 MT @ 2.54 g/t Au and Probable Reserves of 1.12 MT
@ 2.98 g/t Au) contained in Total Resources of 230,000 ounces of
gold (Measured Resources of 0.53 MT @ 2.84 g/t Au and Indicated
Resources of 1.87 MT @ 3.06 g/t Au).
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in
Africa. The Company is currently involved in Burkina Faso, Gabon
and Guinea. Through a series of successive innovative transactions,
SearchGold has been able to retain an interest in all the important
assets it has acquired and developed during its existence as a
public company. As a result, SearchGold now has investments in
three mining companies :
- Swala Resources plc : 4.5 million shares, (see:
www.swalaresources.com)
- Stellar Diamonds plc : 1.7 million shares (see :
www.stellar-diamonds.com)
- Golden Share Mining Corporation : 2.1 million shares (see:
www.goldenshare.ca)
Philippe Giaro, P. Geo., President and CEO of SearchGold
Resources Inc. and Qualified Person for SearchGold, has reviewed
and approved the content of this release.
To view the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/SearchGold_map_0518.pdf.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO +32-473-52-30-29 phgiaro@skynet.be www.searchgold.ca
Searchgold Resources Inc. (TSXV:RSG)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Searchgold Resources Inc. (TSXV:RSG)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024