Business
Strategic Gold Production Opportunity & Financing
Strategic Gold Production Opportunity & Financing.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 4757B Katoro Gold PLC 30 January 2020 \n\nKatoro Gold plc (Incorporated in England and Wales)\n(Registration Number: 9306219)\nShare code on AIM: KAT\nISIN: GB00BSNBL022\n(\"Katoro\" or \"the Company\")\n \n \n30 January 2020\n \nKatoro Gold plc ('Katoro' or the 'Company')\n \nSTRATEGIC GOLD PRODUCTION OPPORTUNITY AND FINANCING\n \nKatoro Gold plc (AIM: KAT), the Tanzania focused gold and nickel exploration and development company, is pleased to announce that it has entered into a binding conditional agreement (the 'Agreement') to participate in a strategic gold production opportunity in South Africa, focused on the reprocessing of an existing 1.34 million ounce of gold ('Moz of Au') JORC compliant tailings resource.\n \nAs further set out below, Katoro also announces that it has raised £397,000 in the form of a Convertible Loan Note ('CLN') with a number of high net worth clients of SI Capital Limited, the Company's broker, to support its commitments under the Agreement.\n \nSet out below is an overview of the Agreement, the tailings and the CLN, though readers should read the whole of the announcement, including the section headed 'Important Information for Shareholders'.\n \nOVERVIEW OF THE AGREEMENT, TAILINGS AND CLN\n \nJoint Venture\nKatoro has entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with Blyvoor Gold Operations (Pty) Ltd ('Blyvoor') and its holding company, Target Mine Consulting (Pty) Ltd ('Target' and, together with Katoro and Blyvoor, 'the JV Partners').\n \nProject and Resource\nThe JV Partners plan to exploit potentially viable deposits of gold and any other minerals from six gold tailings dams ('the Tailings') owned by Blyvoor in South Africa ('the Project), which contain a JORC Code compliant resource of, in aggregate, 1.34Moz of Au at an average grade of 0.30g/t Au.\n \nMining Licence and Environmental Impact Assessment\nThe Project already has in place the requisite mining licence and environmental impact assessment ('EIA') for the reprocessing of the Tailings, allowing production to commence immediately upon commissioning of the processing plant.\n \nProduction Plans, Targeted Ounces and Life of Mine\nSubject to funding, the JV Partne...