Business
Stellar AfricaGold Closes Sale of Balandougou Gold Project for US$3,895,000 (C$5.13m)
(via TheNewswire) Vancouver - TheNewswire - October 30, 2019 - John Cumming , Pr...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Closes Sale of Balandougou Gold Project for US$3,895,000 (C$5.13m)(via TheNewswire)\n\n \nVancouver - TheNewswire - October 30, 2019 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) (\"Stellar\" or the \"Company\") is pleased to announce:\n\n \n \nSale of the Balandougou Gold Project Closed\n\n \n \nStellar and its minority partners have closed the sale of 100% of the Balandougou Gold Project for US$3.85M (C$5.13M). See news releases August 22 and September 11, 2019.\n\n \n \nThe Balandougou Gold Project, comprised of a 7 km2 Balandougou semi-industrial exploitation permit together with all related plant and equipment, and two Guinea subsidiary companies holding contiguous exploration permits pending totalling approximately 150 km2. was sold to Rida Mining Ltd. of Khartoum, Sudan.\n\n \n \nThe transaction price of US$3.85M (C$5.13M) paid to Stellar as intercorporate exploration and development expense recovery. The sale proceeds will be paid in four installments ending January 15, 2021. US$1.85M (C$2.42M) has been received. A finder's fee will be paid to the African Bureau of Mining Consultants and its founder pro rata as the sale proceeds are received by Stellar.\n\n \n \n\"Stellar's management team, President and CEO John Cumming and Vice President Exploration and COO Maurice Giroux deserve credit for securing this transaction for Stellar\" commented Stellar director Francois Lalonde. \"They considered many avenues to unlock the value of Balandougou for the benefit of Stellar and its shareholders, and they should be commended for this result.\"\n\n \n \n\"I also wish to extend my thanks\" said Presient John Cumming. \"Firstly, to Stellar's Vice President Maurice Giroux who discovered the Solotomo gold region and has worked tirelessly since 2009 to add value to the Balandougou Gold Project. He was also the face of Stellar for the first introductions and subsequent negotiations with Rida Mining Ltd. and was present with them in Khartoum when the first offers for Balandougou were presented. I also want to thank the African Bureau of Mining Consultants which was instrumental in the transaction origination, introducing Rida Mining Ltd. to Stellar, and guiding the parties through the negotiating process. Additionally, throughout the process of due diligence and necessary...