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LONDON (Alliance News) - Goldplat PLC said it has signed a deal that could potentially lead to a Canadian-listed company joining the Anumso gold project in Ghana, sending shares upward on Thursday.
Goldplat shares were up 13% to 6.08 pence per share on Thursday morning.
The miner has signed a non-binding letter of intent to provide an option to Gulf Shore Resources Ltd to join the project, with a formal deal expected to be signed within the next month.
Goldplat owns a 90% stake in the project, which has a 10-year mining lease and a resource of 166,865 ounces of gold graded at 2.04 grammes per tonne of ore.
Gulf Shore will have the option to 75% of the stake held by Goldplat, which would give the Toronto-listed company an overall stake of 67.5% in the project. In return, Gulf Shore will spend at least USD3.0 million over two-and-a-half years on the project.
After spending the first USD1.5 million on exploration within an 18-month period, Gulf Shore will earn a 51% interest and the other 24% will be awarded when USD1.5 million is spent on exploration within the following 12 months.
Gulf Shore will become the operator of the asset, but the licences will remain in Goldplat's name. If the second option is not exercised and Gulf Shore stick with its 51% stake, then a joint venture will be formed and costs will be shared on a pro-rata basis.
Goldplat said if either party is diluted down to 10%, then that will be converted into a 1.5% net smelter return, which can then be purchased by the other partner for USD1.5 million.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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