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Nexus Gold Signs Definitive Agreement To Acquire Rakounga Gold Concession, 250 SQ KM Contiguous To The Company's Bouboulou Project
(via TheNewswire) Vancouver, Canada / TheNewswire / August 31...
About this update from Nexus Gold Corp.
[{"type":"text","content":"Nexus Gold Signs Definitive Agreement To Acquire Rakounga Gold Concession, 250 SQ KM Contiguous To The Company's Bouboulou Project(via TheNewswire)\n \n \nVancouver, Canada / TheNewswire / August 31, 2017 - Nexus Gold Corp. (\"Nexus\" or the \"Company\") (TSX-V: NXS, OTC: NXXGF, FSE: N6E) is pleased to announce that it has signed a definitive agreement with BELEMYIDA SA (the \"Optionor\"), pursuant to which Nexus will acquire the right to earn up to 100% interest in the Rakounga Gold Property (the \"Property\") located in Burkina Faso, West Africa.\n\n\n \nThe 250-square kilometre Rakounga Gold property is contiguous to the Company's Bouboulou gold concession. The Property borders Bouboulou on the west and south sides and hosts the Bouboulou 1 gold showing, which is the southern extension of the Bouboulou 2 trend. Bouboulou 1 is an active orpaillage with shaft workings that extend down approximately 80 metres.\n\n\n \nNexus will have an option to acquire a 90% interest in the Property, in consideration for cash payments of US$400,000 and the issuance of 575,000 common shares of Nexus, over a period of three years, broken down as follows:\n\n\n \n\n\n- US $ 15,000 (fifteen thousand) and 25,000 shares of the Company upon signing of a definitive agreement.\n\n\n\n- US $ 15,000 (fifteen thousand) and 50,000 shares of the Company not later than the first anniversary of the definitive agreement.\n\n\n\n- US $ 120,000 (one hundred and twenty thousand) and 200,000 shares not later than the second anniversary of the definitive agreement.\n\n\n\n- US $ 250,000 (two hundred and fifty thousand) and 300,000 shares on or before the third anniversary of the definitive agreement.\n\n\n\n \n \nFollowing the acquisition of a 90% interest in the Property, Nexus will have the option to acquire the remaining 10% interest in the Property through a cash payment of US$1,000,000 with a 1% net smelter return royalty remaining with the Optionor.\n\n\n \n\"We are very pleased to add Rakounga to our portfolio, which effectively represents a 700 percent increase in size to the Bouboulou concession area,\" said President & CEO Peter Berdusco. \"With just under 300-sq km of ground, we can now follow both the already established Bouboulou 2 and Pelatanga-Rawema mineralized trends for several kilometres to the southwest. There is significant artisanal activi...