Moydow Is Huge25 Oct 2020 22:31
RNS Number : 7322T
Panthera Resources PLC
22 July 2020
22 July 2020
Panthera Resources PLC
("Panthera" or the "Company'")
Proposed Merger of West African Assets
The Board of Panthera is pleased to announce that it has entered into a conditional sale and purchase agreement (the "Agreement") to divest its interests in the Labola gold project in south west Burkina Faso and the Kalaka gold project in south west Mali (the "Projects") to Moydow Holdings Limited ("Moydow" and altogether the "Transaction"), whilst retaining a significant interest in Moydow.
Panthera believes the Moydow team, with a proven track record of delivering value to shareholders on West African gold projects, is well positioned to progress the Projects, initially through a drilling and evaluation programme.
Moydow, with its joint venture partner, holds three exploration licences in two prospective gold projects at the southern end of the Kushaka Schist Belt in Nigeria. Moydow currently holds a 20% interest in the Nigerian joint venture, with an earn in right to increase this to 65%, which combined with Labola and Kalaka, will form a multi-project West African focused exploration and evaluation mining group.
Panthera will retain 100% of its interests in the Naton and Bassala gold projects and intends to progress these separately.