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Letter of Intent signed for Anumso Gold Project...
Letter of Intent signed for Anumso Gold Project....
About this update from Goldplat Plc
[{"type":"text","content":"\n Letter of Intent signed for Anumso Gold Project earn-inGoldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration14 July 2016Goldplat plc ('Goldplat' or 'the Company')Letter of Intent signed for Anumso Gold Project earn-inGoldplat plc (\"Goldplat\" or \"the Company\"), the AIM quoted African gold producer, is pleased to announce that it has signed a non-binding Letter of Intent (\"LOI\") with Gulf Shore Resources Ltd (\"GSR\") - a TSX-Venture Exchange (\"TSX-V\") listed company (TSXV:GUL), to give GSR the option for a US$3 million earn-in to Goldplat's Anumso Gold Project in Ghana (\"Anumso\" or the \"Project\"). Anumso Gold ProjectGoldplat has a 90% interest in Anumso, a ten year renewable mining lease for gold and associated minerals covering an area of 29 sq km and located in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana. Anumso has a current JORC compliant resource of 166,865 oz of gold at 2.04g/t.Terms of the earn-in The LOI is intended to progress to a legally binding option agreement within 30 days following a normal due diligence period and is subject to receipt of approval by the Boards of Directors of both companies, the TSX-V, and regulatory approvals in Ghana related to the license. However, under the terms of the LOI, GSR will have the sole right, after 14 days, to elect to have the terms of the LOI binding on the parties, in which event this LOI shall become a binding agreement between GSR and Goldplat.The intention is to provide GSR with the option to earn 75% of Goldplat's interest in Anumso (67.5% of the overall project interest) by expending an aggregate of US$3.0 million on exploration on the Project over 2.5 years. The LOI provides for two option periods: in the first option period GSR will be given the opportunity to earn a 51% interest in the Project by expending US$1.5 million on exploration on the Project over 18 months, and in the second option period an additional 24% interest can be earned by expending a further US$1.5 million on exploration on the Project over the following 12 months. GSR will be the operator of the exploration and development program during the option periods and the licenses will remain in Goldplat's name. If GSR does not exercise the second option, a Joint Venture will be formed and ...