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Sanu Gold Acquires Initial 51% Interest in Gold Exploration Permits in Guinea, West Africa
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - Sanu Gold Corporation (CSE: SANU) ("Sanu Gold" or the "Company") is pleased to announce tha
About this update from Sanu Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - Sanu Gold Corporation (CSE: SANU) (\"Sanu Gold\" or the \"Company\") is pleased to announce that the Company has earned into and acquired an initial 51% interest in each of the Daina, Diguifara and Bantabaye Gold Exploration Permits (the \"Permits\") in Guinea, West Africa by acquiring a 51% interest in the Guinean partner companies1 that hold the Permits, under the terms of the underlying agreements, as described in the Company's final prospectus dated June 21, 2022. Martin Pawlitschek, President & CEO of Sanu Gold, commented, \"The Company has worked diligently to systematically explore our three highly-prospective gold exploration permits in Guinea, West Africa. In a short period of time, we have defined multi-kilometre long gold anomalies, which we are now beginning to drill test. I am pleased to announce today we have reached our Stage 1 commitments to earn a 51% interest in each of the three permits and look forward to achieving our subsequent ownership milestones.\" On each of the Permits, upon completion of a definitive feasibility study (\"DFS\"), Sanu Gold, through its wholly-owned subsidiaries2, has the right to acquire up to an 85% interest in the partner company, by funding a staged work program with key minimum milestones. On a decision to mine on any of the Permits, the partner company would be required to fund its pro-rata share of mine construction or elect to dilute to a 1.5% net smelter return (\"NSR\") royalty. The key terms of the Option Deeds with MS, NED and RM are as follows: Stage 1 A 51% interest can be earned in each of MS, NED and RM by completing a minimum US$400,000 work program within 18 months of signing the TFPA. The minimum work commitment may include geochemical sampling, geological mapping, auger or rotary air blast drilling, reverse circulation drilling, and diamond drilling, sample analysis and geophysical surveys. Gainde has the right to direct the work program and its priorities, while the partner company personnel and its contractors will carry out the exploration and administrative management. The option will expire if Gainde fails to fulfill the minimum expenditure requirements and drilling commitments. Sanu Gold has now met the minimum expenditure and work commitment milestones defined in the agreements with MS, ...