Business
Memorandum of Agreement to Acquire Mining Right...
Memorandum of Agreement to Acquire Mining Right....
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 23 November 2010\n Goldplat plc ('Goldplat' or 'the Company')\n Memorandum of Agreement to Acquire Mining Rights in Ghana\n\nGoldplat plc, the AIM quoted gold producer, announces that it has entered into a\nMemorandum of Agreement with Gulf Coast Resources Inc ('Gulf'), a Canadian\nmining company for the acquisition of Gulf's wholly-owned subsidiary company,\nGulf Coast Resources Limited ('GCR'). Â GCR owns the Banka Mining Concession, a\nten year renewable mining lease for gold and associated minerals covering an\narea of 29 square kilometres located in the Amansie East and Asante Akim South\nDistricts of the Ashanti Region of the Republic of Ghana ('the Banka Mining\nLease').\n\nOverview:\n * Memorandum of Agreement signed to acquire GCR and a 90% interest in the 29\n sq km Banka Gold Mining Lease located in the prospective Ashanti gold region\n in Ghana\n * Goldplat has paid Gulf US$50,000 and will undertake a due diligence review\n of the Banka Mining Lease and GCR\n * Subject to due diligence, acquisition consideration is US$1,500,000 with\n Gulf to receive a 1.5 % Net Smelter Return on all gold production from the\n Banka Mining Lease\n * Detailed geology shows that the conglomerates at the Banka Mining Lease\n outcrop on surface and can be traced continually over 4 kms\n * Previous exploration include best intersections of 12 meters at 29.42 g/t Au\n and 9 meters at 57.7 g/t Au\n * Intention to implement a development programme to prove up the economic\n viability of the Banka Mining Lease and define a JORC compliant resource\n\n\nGoldplat CEO Demetri Manolis said, \"Banka represents a substantial and exciting\ngold prospect in the Ashanti Region of Ghana, a prime district for gold project\ndevelopment. Â Early work indicates the prospectivity of the licence area and we\nhave defined a development plan aimed at publishing a JORC resource in due\ncourse. Â Importantly small scale trial production has already taken place. Â This\nproposed acquisition represents Goldplat's continued commitment to building on\nits position as a gold producer in Africa and creating a highly profitable mid-\ntier gold company.\"\n\nGCR holds a 90% interest in the Banka Mining Lease with the Ghana Government\nholding the remaining 10% a...