Business
Stellar Pacific to option gold property in republic of Guinea (West Africa)
Stellar Pacific to option gold property in republic of Guinea (West Africa).
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, Jan. 16 /CNW/ - Stellar Pacific Ventures Inc. (SPX) is pleased to\nannounce that it has entered into an agreement with MGWA Holding Int'l Inc. to\nacquire up to 90% interest into the Siguri Gold Property in Guinea West\nAfrica.\n\n\nThe Siguri Gold Property covers an area of 107 km2 in the well renowned\nSiguri Gold Camp of northeastern Guinea. The Siguri basin is underlain by\nvolcano-sedimentary rocks of the lower parts of the Upper Birimian Group, the\nequivalent to our Greenstone belt. The property is advantageously located in\nthe surrounding of all Guinea gold mines, namely, the Semafo's Jean and Gobele\nproject as well as of the Lero mine and the Anglo/Ashanti of Siguri mine.\n\n\nAlso, it is important to state that the property is located some 35 km to\nthe NW of Cassidy's recent discovery where an Indicated resource of 337,000\nounces and an inferred resources of 364,000 ounces of gold were announced on\n2006-09-19.\n\n\nWithin the perimeter of the Siguri property, numerous artisans gold\ndiggings are observed along the drainage system of the Farafin River, namely,\na 1 km long by 200 m wide gold placers reported into the BGR'S 1998\n\"Evaluation de l'Inventaire des Ressources Minerales de Guinee\". The Farafin\nRiver could be the topographic signature of an N80 degrees E major structure,\nalong which, extension fractures, NW-SE are also observed on the topography of\nthe area. The gold occurrences are most likely related to those structures.\n\n\nThe company can earn its interest by paying $100,000, completing $400,000\nin exploration work and issuing a total of 1,500,000 shares of its share\ncapital over a period of two years as follows:\n\n\n1- To buy 20% interest, Stellar will pay $20,000 and issue 150,000 shares\n to MGWA at the signature upon the approval of the TSX Ventures and\n 150,000 shares in 6 months and spend $200,000 in exploration within\n the first year.\n2- Stellar will earn an additional 25% interest by paying $20,000 and by\n issuing 500,000 common shares at the first anniversary of the\n agreement and by spending an additional $200,000 in exploration work\n to be performed between the 13th and 24th month.\n3- Stellar will finally earn an additional trench of 45% interest by\n paying $60,000 and by issuing 800,000 common shares to MGWA Holding\n Int'l at the date of the second annivers...