General Copper Gold Corp. (CSE: GGL, DOTC: GNRGF, FRA: 7S50) (GGLD) has signed an agreement with a Namibian firm granting it exclusive rights to earn 80% in a Namibian multi-metal project.
To earn the stake in the prospecting permit, the Canadian firm said in a release on May 5 that it must pay $60,000 on closing and spend $150,000 in year one and $300,000 in year two of the closing of the deal.
A proposed private placement to raise about $1mn will be conditional on closing and CSE approval.
Frantier Mining Namibia (Proprietary) Limited owns the 48,500-hectare asset, which lies in a region with proven tin, uranium, gold and base metals deposits.
“It has a very good infrastructure, being on the main highway into southern Africa, served by the national railway line running parallel to the highway, and adequate power supplies serving the local towns and established mining operations,” GGLD said of the project.
The company must, upon completion of normal and due diligence, pay S$60,000; expend, during the first year from the closing date, a minimum of $150,000 in exploration expenditures on the property in order to earn an initial 40% interest in it.
In addition, GGLD must, during the second year from the closing date, spend a minimum of $300,000 in exploration expenditures on the property to earn an additional 40% interest in the licence.
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