THE BOURSE WHISPERER: Monteray Mining Group has signed an agreement to acquire Eburnean Resources sarl, a Burkinabe entity, which has five granted exploration permits in Burkina Faso.
Eburnean Resources is a British Virgin Islands company that owns 100 per cent of the issued share capital of Eburnean.
Monteray has agreed to acquire all of the shares in Eburnean.
Burkina Faso map showing locations of the five permits to be
acquired, in addition to the Vema Acquisition permits to be acquired
(Kara, Tigan and Bouna). Source: Company announcement
Monteray said the acquisition of Eburnean would complement its Vema acquisition, which consists of three permits located in the Mana region, and in close proximity to SEMAFO’s 6.86 million ounce producing Mana gold mine.
The new portfolio includes two permits 100 per cent owned by Eburnean and three permits subject to options whereby Eburnean can acquire 100 per cent interest.
The permits cover an area of 762 square kilometres and are all located in areas of significant recent discoveries and mine development.
Artisanal activity is present on all permits.
“The company has reviewed a large number of opportunities worldwide and consistently Burkina Faso emerges as highly attractive exploration destination with high success rates and low discovery costs,” Monteray Mining Group director John Hannaford said in the company’s announcement to the Australian Securities Exchange.
“The Eburnean acquisition gives Monteray the necessary scale and focus in its portfolio, as well as presenting a number of walk-up drill targets that will enable the company to move quickly to a drilling program.”
Upon completion of the acquisition Andrew Habets, a geologist associated with Eburnean is to be appointed as a non-executive director of Monteray.
According to Monteray Habets has been involved in West Africa and most particularly Burkina Faso gold exploration for more than 20 years.
He has been instrumental in assembling Eburnean’s portfolio and has an extensive network in the country.
“Monteray is extremely pleased to have a geologist of the calibre of Mr Habets join the board,” Hannaford said.
“His contacts and technical knowledge in West Africa will be invaluable in assisting Monteray to become a successful explorer and developer in the region.”