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Tajiri Resources Exercises Option to Purchase 100% interest in the Advanced Reo Gold Project, Burkina Faso, West Africa
VANCOUVER, British Columbia, May 14, 2018 (GLOBE NEWSWIRE) -- Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) is pleased to report that subject to TSX
About this update from Tajiri Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2018 (GLOBE NEWSWIRE) -- Tajiri Resources Corp. (the \"Company\") (TSX VENTURE:TAJ) is pleased to report that subject to TSX Venture Exchange approval it will exercise its exclusively held option to acquire 100% interest in the advanced Reo Gold Project, Burkina Faso, West Africa. The board of directors decision comes following more than a month of due diligence by key Company personnel. The due diligence included both a technical review and geopolitical assessment of the project including, but not limited to, management’s traveling to Burkina Faso to undertake meetings with relevant government officials, the Minister of Mines, reviewing all available geological data provided by Middle Island Resources (or ‘MDI’), such as drill databases, detailed IP results, RC chips of significant intercepts, and several days on the property with time spent at all licenses that make up the Reo Project proper. Management was satisfied with its review of outstanding matters on which the decision was based and has a high level of confidence in the move forward with the option. In addition, the Company and MDI have agreed to amend the terms contained in the HoA (detailed in news released February 16th, 2018) and underlying option wherein the Company will now issue a fixed 5,000,000 shares to MDI upon entering the option rather than in tranches, over two years, an adjusted 4.139% interest in the Company’s fully diluted equity. The variation is advantageous to both parties with MDI being rewarded immediately for their very considerable past expenditure and reducing the dilution going forward for the shareholders of Tajiri. The board is most happy with the variation given what it sees as the manifest potential of the Reo project to host substantive gold resources. As of the date of this announcement Tajiri will have fifteen business days to provide the first-year payment on the option to MDI consisting of both US$150,000 cash and 5,000,000 shares (as detailed in news released February 16th, 2018). The Company is confident of its ability to meet the obligation and will provide follow up announcements as the need arises to update stakeholders as to the progress of the option and payment. Graham Keevil, President & CEO stated, “These are exciting times for the Company. The Reo Projec...