Business
Sanu Gold Increases Ownership to 75% in the Bantabaye, Daina and Diguifara Gold Exploration Permits in Guinea, West Africa
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2023) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) ("Sanu Gold" or the "Company") is pleased t
About this update from Sanu Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 30, 2023) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) (\"Sanu Gold\" or the \"Company\") is pleased to announce that the Company has earned into and acquired a 75% interest in each of the Bantabaye, Daina and Diguifara Gold Exploration Permits (the \"Permits\") in Guinea, West Africa by acquiring a 75% interest in the Guinean partner companies[1] 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, \"Today's announcement significantly increases Sanu Gold's ownership in a high-quality gold exploration portfolio in Guinea, West Africa. Since listing the Company last year, we have conducted first drill programs at Bantabaye and Daina, resulting in two exciting new discoveries. We look forward to continuing to drive discovery in West Africa, the number one gold mining region in the world.\" On each of the Permits, upon completion of a definitive feasibility study (\"DFS\"), Sanu Gold, through its wholly-owned subsidiary Zirasanu SARLU (\"Zirasanu\"), 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. Zirasanu, a 100% owned Guinean corporation, now holds a 75% ownership interest in each of MS, NED and RM. The key terms of the underlying agreements with MSE, NED and RM are as follows: Stage 1 As noted in the Company's news release dated September 15, 2022, a 51% interest was earned in each of MSE, NED and RM by completing a minimum US$400,000 work program within 18 months of signing the Technical Partnership Agreement. The completion of Stage 1 allowed for Sanu Gold (through Zirasanu) to continue investing in the Permits and completing additional ownership milestones as outlined below. Stage 2 A 75% interest has now been earned in each of MSE, NED and RM by the completion of US$600,000 of exploration and development on each of Daina, Diguifara and Bantabaye within 18 months of meeting the Stage 1 earn-in requirements. The work commitment could include ...