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Completion of Anumso Gold Project Earn-in Optio...
Completion of Anumso Gold Project Earn-in Optio....
About this update from Goldplat Plc
[{"type":"text","content":"\n Completion of Anumso Gold Project Earn-in Option AgreementGoldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration15 September 2016Goldplat plc ('Goldplat' or 'the Company')Completion of Anumso Gold Project Earn-in Option AgreementGoldplat plc (\"Goldplat\" or \"the Company\"), the AIM quoted African gold producer, is pleased to announce that further to the announcement of 14 July 2016, on 14 September 2016 it has executed an earn-in option agreement (the \"Agreement\") with Ashanti Gold Corp. (\"Ashanti\") (formerly Gulf Shore Resources Ltd) which gives Ashanti the option for a US$3 million earn-in to Goldplat's 90% owned Anumso Gold Project in Ghana (the \"Project\"). Anumso Gold ProjectGoldplat has a 90% interest in Anumso Gold Limited (\"Anumso\"), which is the holder of a ten-year renewable mining lease for gold and associated minerals covering an area of 29 sq km and located in the prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana. The Project has a current JORC compliant resource of 166,865 oz of gold at 2.04g/t. In the year to 30 June 2016, the loss attributable to the Project was £5,539.Terms of the Agreement The Agreement provides Ashanti with the exclusive option to earn 75% of Goldplat's interest in Anumso (67.5% of the overall project interest) in two instalments by expending an aggregate of US$3.0 million on exploration on the Project. The Agreement provides for two option periods. During the first 18 months of the Agreement (the \"Initial Option Period\") Ashanti will be given the option to earn 51% of Goldplat's interest in the Project by expending US$1.5 million on exploration on the Project (the \"Initial Option\"). Ashanti has the unilateral power to terminate the Agreement within the first 6 months of the Initial Option Period, and expenditure on the Project during this period will be at its sole discretion. Should Ashanti not exercise its right to terminate the Agreement during the first six months, it will be obliged to expend US$1.5 million on Project expenditure during the Initial Option Period or pay the deficiency to Goldplat. Should Ashanti meet the expenditure condition within the Initial Option Period, it will be entitled immediately to exercise its option and receive an initial 51% of Goldplat's interest in the Project ...