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Galane Gold Announces Satisfaction of Conditions Precedent to Earn-In Option Agreement for Botswana Prospecting Sites
TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG) is pleased to announce that all of the conditions prece
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG) is pleased to announce that all of the conditions precedent set forth in the previously announced earn-in option agreement (the “Earn-in Agreement”) with B2Gold Corp. (“B2Gold”) have now been satisfied which will enable the parties to move forward with their obligations under the agreement. Under the Earn-in Agreement, B2Gold has the option to indirectly acquire, in tranches, up to 70% of the shares of Southern Cross Exploration and Development (Pty) Ltd. (“Southern Cross”), a newly incorporated 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, excluding its current operations and mining licences, in Botswana. 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 11, 2018 for further detail on the Earn-In Agreement. Upon B2Gold acquiring shares of Southern Cross, the Earn-in Agreement will be replaced by a definitive shareholders agreement governing the parties’ interests in Southern Cross. Galane Gold CEO, Nick Brodie commented: “As I stated previously, this represents a great opportunity for Galane and B2Gold to join together to target exploration in the highly prospective Tati Greenstone Belt. I am confident that B2Gold and Galane working together represents the best chance of finding another significant resource like Tau, which has been the back bone of Mupane for the majority of its operations.” 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”. 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 communities in which it operates. Cautionary Notes Certain statements...