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ACQUISITION OF A 51% INTEREST IN THE HIGHLY PROSPECTIVE OBUASI JOINT VENTURE, GHANA
ACQUISITION OF A 51% INTEREST IN THE HIGHLY PROSPECTIVE OBUASI JOINT VENTURE, GHANA
About this update from St. Augustine Gold & Copper Ltd.
[{"type":"text","content":"\n\n\n\n Sep. 9, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/\n\nANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE\n\nPERTH, Western Australia, Sept. 9 /CNW/ - The Board of Ratel Gold Limited ("Ratel", the "Company") (TSX Code : RTL) is pleased to announce it has exercised the option to acquire the 51% interest in the Obuasi Joint Venture, for the issue of 2.5M new shares in Ratel.\nThe Obuasi region has one of the highest gold endowments in the world and the project lies approximately 10 kms to the west of Obuasi, a field which has to date produced 26M ounces and last year produced 571,000 ounces of gold. The Joint Venture partner is Westchester Resources Limited and to date, in excess of US$1.3M has been spent on a recent exploration program. The concession covers approximately 130 km2 and the extentions of several NE/SW trending mineralized zones that host shallow oxide gold resources on Anglo Ashanti's ground to the north east. The joint venture interest is held by CAML Ghana Limited and transfer of control will be subject to securing any required Ministerial approval.\n\nTo view the Regional Location Map - Ghana please visit: http://files.newswire.ca/578/Ratel_Gold_Map.pdf\n\nThe key terms of the joint venture agreement include a commitment to spend US$1.1M, the majority of which has already been spent and up to US$2.5M on deferred purchase consideration, subject to satisfaction of various conditions.\n\nABOUT RATEL GOLD LIMITED\n\nRatel Gold Limited is listed on the main board of the Toronto Stock Exchange (TSX:RTL) and is a mining exploration company focused on developing gold and copper deposits in Africa.\nThe Company is earning a 51% interest in the Segilola Gold Project in Nigeria, the largest undeveloped gold resource identified in Nigeria and holds a 51% interest in the Mkushi Copper Project in Zambia. At the Segilola Gold Project,...