Business
Stellar AfricaGold Update on Cote d'Ivoire and Morocco Gold Project Acquisitions
(via TheNewswire) Vancouver - TheNewswire - May 20, 2020 - John Cumming , Pre...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Update on Cote d'Ivoire and Morocco Gold Project Acquisitions(via TheNewswire)\n \n \nVancouver - TheNewswire - May 20, 2020 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) (\"Stellar\" or the \"Company\") announces:\n\n \n \nAcquisitions Update\n\n \n \nStellar's last report on new exploration acquisitions was on March 17, 2020. Since then the Covid-19 pandemic mediation measures created a global economic slowdown forcing companies to adjust to sudden and unprecedented changes in their business environments. Stellar's management has adapted its business plans and operating methods to this situation by becoming more aggressive and accelerating its process for reviewing highly prospective gold opportunities in Cote d'Ivoire and Morocco for acquisition.\n\n \n \nStellar's intentions in Cote d'Ivoire and Morocco had been announced previously, but surging gold prices and the availability of excellent gold opportunities, especially in Cote d'Ivoire, created a window of opportunity that Stellar is determined to take advantage of. Stellar was fortunate to enter this critical period with a solid and enviable financial position which facilitates taking advantage of these opportunities. (See also Stellar's reports regarding the October 2019 sale of its Balandougou project in Guinea for an all cash consideration of $5.13 million.)\n\n \n \nThe option to acquire up to a 100% interest in Birimian Geology Exploration SARL (\"BGE\"), a Cote d'Ivoire company, has progressed steadily. (see news release January 7, 2020.) BGE holds the Bocanda permit (97 km2) and the Djekanou permit (374 km2), and BGE management has advised Stellar that a final recommendation from the Ministerial Commission for the issuance of those permits is expected by the end of May after which the Conventions granting the permits are prepared by the Minister of Mines for government approval and forwarded for final signature by the President. The acquisition remains subject to the TSX-V approval, and Stellar's in-country team is working to address the final preconditions to closing. Stellar has allocated an exploration budget for a first pass reconnaissance program of prospecting and geological mapping over higher priority areas of the 471 km2 of both permits. Stellar has an exploration crew on standby, and the pr...