Business
Kilimapesa Gold Project - Kenya
Kilimapesa Gold Project - Kenya.
About this update from Goldplat Plc
[{"type":"text","content":"\n \n\n\n\n Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining &\n Exploration\n17 June 2009\n Goldplat plc ('Goldplat' or 'the Company')\n Heads of Agreement signed for Kilimapesa Gold Project - Kenya\n\nGoldplat PLC, through its wholly owned subsidiary Gold Mineral\nResources Limited, has signed a Heads of Agreement with International\nGold Exploration AB ('IGE') to purchase the 50% interest in\nKilimapesa Gold (Pty) Limited ('Kilimapesa Gold'),which it does not\ncurrently own. The consideration for the acquisition will be US$2.7\nmillion, of which US$1.2 million is payable on signature of the\ndefinitive Sale Agreement, and the balance in six monthly amounts of\nUS$250,000. The parties have agreed to draft and conclude the Sale\nAgreement as soon as practicable.\n\nGoldplat and IGE entered into a Joint Venture agreement in June 2007\nunder which Goldplat earned 50% of Kilimapesa Gold by advancing\nUS$400,000 to develop the Kilimapesa gold mine under Goldplat's\nmanagement. This resulted in small scale gold production commencing\nat the beginning of 2009. With effect from the date of the Sale\nAgreement, the Joint Venture agreement will be cancelled, and\nGoldplat will own 100% of Kilimapesa Gold. As previously announced,\nGoldplat is working to establish a JORC compliant resource at\nKilimapesa and increase the rate of production of gold.\n\nKilimapesa Gold's Lolgorien gold project is situated in South Western\nKenya within the historically producing Migori Archaean Greenstone\nBelt. Its current plant is able to produce up to approximately 100kg\ngold per annum.\n\nThe consideration for the acquisition of Kilimapesa Gold will be met\nfrom Goldplat's existing cash resources. Following completion of the\nSale Agreement, Goldplat will finalise and announce its plans for the\ndevelopment of Kilimapesa Gold.\n\n\n * * ENDS * *\n\nFor further information visit www.goldplat.com or contact:\n\nDemetri Manolis, CEO Goldplat plc Tel: +27 (0) 11\n 423 1203\nJames Joyce WH Ireland Limited Tel: +44 (0) 20\n 7220 1666\nSarang Shah WH Ireland Limited Tel: +44 (0) 20\n 7220 1666\nBill Sharp Alexander David Securities Tel: +44 (0)20\n Limited 7448 9820\nDavid Scott Alexander David Securities Tel: +44 (0)20\n Limited 7448 9820\nFelicity Edwards St Brides Media & Finance Ltd Tel: +44 (0)20\n 7236 1177\nIsabel Crossley St Brides Me...