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Galane Gold Announces B2Gold Has Met Its Commitments With Regards to Tranche 1 of the Earn-in Agreement for Botswana Prospecting Sites; Commenced Tranche 2 Expenditures of US$2 Million
TORONTO, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that B2Gold Corp.
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that B2Gold Corp. (“B2Gold”) (TSX: BTO) has met the conditions of Tranche 1 of the previously announced earn-in option agreement with respect to certain Botswana prospecting sites (the “Earn-in Agreement”) and has confirmed its intent to commence with Tranche 2 expenditures of US$2 million. Galane Gold CEO, Nick Brodie commented: “B2Gold has completed detailed mapping of the most prospective areas of the prospecting licences and has identified the areas where it wishes to commence a more detailed exploration campaign. Galane remains confident and excited that B2Gold, from the progress so far, is the best team to unlock the known exploration potential of the Tati Greenstone Belt.” Under the Earn-in Agreement, B2Gold has the option to indirectly acquire, in three tranches, up to 70% of the shares of Southern Cross Exploration and Development (Pty) Ltd. (“Southern Cross”), a subsidiary of Galane Gold, which has received two gold prospecting licences over an aggregate of approximately 520 km2 located around the Company’s Mupane property in Botswana, excluding its current operations and mining licences. B2Gold has agreed to and will carry out exploration on the properties with guidance received from a jointly formed technical committee. Please refer to Galane Gold’s press release dated March 19, 2018 for further detail on the Earn-In Agreement. Upon B2Gold acquiring shares of Southern Cross upon the completion of Tranche 2, the Earn-in Agreement will be replaced by a definitive shareholders agreement governing the parties’ interests in Southern Cross. About Galane Gold Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the c...