THE BOURSE WHISPERER: As they say in the classics; it’s better to have 50 per cent of a project than 100 per cent of no project.
Exclusivity Agreement – Akoase gold project
Viking Mines (ASX: VKA) has entered into an Exclusivity Agreement with Ghanaian company Akroma Gold in relation to Viking’s 100 per cent-owned Akoase gold project in southern Ghana.
The agreement includes the payment of an option fee of US$90,000 and grants Akroma a 3 month period of exclusivity to undertake due diligence on Akoase to enable it to negotiate a transaction with Viking Mines in relation to Akoase at any time within that 3 month period.
Akroma is the owner of the neighbouring Sian gold project, located approximately 12 kilometres northwest of Akoase.
The Akoase gold project has a JORC (2012) Inferred resource of 790,000 ounces of contained gold.
Exercise of Options to Farm-in on Junee and Oberon gold projects in NSW
Arc Exploration (ASX: ARX) has exercised its options and will proceed to Farm-in on the Junee and Oberon gold projects owned by New South Resources (NSR), located in New South Wales.
Arc will now proceed to finalise and sign the Farm-in Agreements for both projects, the terms of which were announced on 3 July 2013.
Since July last year, Arc has undertaken a review of the historical work with various consultants and has undertaken its own surface evaluations.
The company has elected to exercise its options based on the view there is potential to increase the known gold resources on each of these properties and has recognised potential for finding other deposit styles, including porphyry gold-copper.
“The decision to exercise our options to Farm-in on these two projects consolidates a firm foothold for Arc in a major gold and copper producing province that has excellent potential for further discoveries and growth,” Arc Exploration managing director Dr Jeffrey Malaihollo said.
“Initial work programs are aimed to generate new targets on both projects by applying the latest knowledge and exploration technologies to the detailed geophysical and geological databases established by NSR and previous explorers.
“We need only look to the nearby Northparkes and Cadia districts to highlight the potential for major exploration successes through the application of new knowledge and persistence in a mature exploration environment.”
Joint Infrastructure Agreement for Productora progressing to execution
Hot Chili (ASX: HCH) has confirmed its project partner, Chilean resource major Compañía Minera del Pacífico S.A (CMP), has successfully completed its technical due diligence and is now progressing towards the execution of a Memorandum of Understanding (MOU) for a joint infrastructure agreement.
Hot Chili has been informed of this progress by CMP’s parent company Compañia de Aceros del Pacifico (CAP), Chile’s largest iron ore producer and integrated steel business.
The proposed joint infrastructure agreement aims to ensure the company’s Productora copper project is able to be developed in co-operation with, and to the mutual benefit of, both companies.
The proposed agreement being finalised is designed to unlock significant operational synergies for both companies and allow Productora to be developed in a shortened timeframe.
Execution and announcement of the terms of the joint infrastructure agreement between Hot Chili and CMP is expected shortly, following completion of a legal review and CMP board approval.
Toyota Tsusho Corporation moves to 20 per cent of Achmmach tin project
Kasbah Resources (ASX: KAS) announced Toyota Tsusho Corporation (TTC) has completed its acquisition of a 20 per cent interest in the Achmmach tin project in Morocco.
TTC has paid $16 million to Kasbah since 2012.
Kasbah explained that this final payment of $1.2 million takes TTC’s total project level investment to approximately $17.2 million.
With TTC earning its 20 per cent interest in the Joint Venture, the JV interests become Kasbah 75 per cent, TTC 20 per cent and Nittetsu Mining 5 per cent with all project expenditure from this point split on this basis.
Kasbah is the manager and operator of the Achmmach JV.
“The Board of Kasbah is delighted to announce this milestone as this final payment confirms TTC’s commitment to the
Achmmach tin project Joint Venture,” Kasbah Resources managing director Wayne Bramwell said.
“The JV can now accelerate resource extension drilling and study optimisation activities over the next two quarters in parallel with project financing.”