Business
Completion of purchase of Banka Mining Lease - ...
Completion of purchase of Banka Mining Lease - ....
About this update from Goldplat Plc
[{"type":"text","content":"\n \n\n\n\n\n Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n\n26 May 2011\n\n Goldplat plc ('Goldplat' or 'the Company')\n Completion of purchase of Banka Mining Lease - Ghana\n\nGoldplat plc, the AIM quoted gold producer focused in Africa, announces that its\nwholly owned subsidiary company Banka Gold (Ghana) Limited completed the\npurchase of the Banka Mining Lease from Gulf Coast Resources Ghana Limited.  The\nBanka Mining Lease ('Banka') is a ten year renewable mining lease for gold and\nassociated minerals, granted by the Government of Ghana, over an area of c.29 sq\nkm located in the Amansie East and Asante Akim South Districts of the\nprospective Ashanti Region of the Republic of Ghana.\n\nBanka is held subject to a 10% carried interest owned by the Government of\nGhana, and Gulf Coast Resources Inc, the parent company of the vendor, is\nentitled to receive a net smelter royalty of 1.5% of gold sold.  The\nconsideration for the purchase, which has been settled out of existing cash\nresources of Goldplat, was USD 1.6 million.\n\nOn 23 November 2010 Goldplat announced that it had signed a Memorandum of\nAgreement to acquire Gulf Coast Resources Ghana Limited, the holder of the Banka\nMining Lease, subject, inter alia, to the completion of satisfactory due\ndiligence.  Following completion of such due diligence it was agreed that\nGoldplat would  acquire the Banka Mining Lease itself. Goldplat is now\nfinalising its proposals for further exploration and development of the Banka\nMining Lease.  An announcement of these proposals, together with a summary of\nthe results of the technical due diligence, will be made in due course.\n\nGoldplat CEO Demetri Manolis said, \"We are delighted to have finalised this\nacquisition as we believe Banka represents a substantial gold prospect in the\nAshanti Region of Ghana, a prime district for gold project development. Work\ncompleted to date indicates the prospectivity of the licence area and we plan to\nestablish a JORC compliant resource, and ultimately commence a significant\nmining operation.  Banka, along with the Company's solid portfolio of gold\nprojects in Burkina Faso, Kenya, South Africa and Ghana underlines Goldplat's\ncontinued commitment to building its position as a highly profitable mid-tier\ng...