LONDON (Alliance News) - Aureus Mining Inc Tuesday said it has agreed to buy three exploration licences from Sarama Resources Ltd, located close to the New Liberty Gold Mine in Liberia.
Following completion, the West African gold producer will own 100% of the licences, expanding its total land portfolio to 1,683 kilometres from 1,402km.
Aureus said that exploration work undertaken by Sarama defined a 15km long gold corridor highlighted by gold in soil anomalies and extensive artisanal mining, which on average is within a 15km radius of the New Liberty Gold Mine.
It added that it is buying Sarama Investments Liberia Ltd, a wholly-owned subsidiary of Sarama Resources, for 2.6 million Aureus common shares.
"The acquisition of Sarama's licences corresponds with Aureus' strategy of building a long-term and sustainable gold district in Liberia. This consolidates our ownership of quality ground, adding further exploration potential and allowing New Liberty to become the hub to accelerate our regional development. We look forward to continuing the exploration programme, which to date has produced some promising results," Chief Executive David Reading said in a statement.
Shares in Aureus were trading up 0.1% at 17.14 pence Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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