GreenFlag Ventures has signed a deal to acquire a 51% interest in the Kouroussa gold mining project in eastern Guinea.
Under the deal, GreenFlag should pay $250,000 for operation of the mining concession with $50,000 to be paid within 90 days of closing.
The company should also issue 1,000,000 common shares within six months of initiation of project, up to 4,000,000 and 5,000,000 shares on the first and second anniversary of the project respectively.
GreenFlag has the right to withdraw and cancel the project if proper reserves are not proven out and the seller can withdraw and cancel the project if the purchaser fails to pay the initial investment amount.
Kerr Mines has signed two agreements to sell its interest in its Larder Lake project for aggregate proceeds of approximately C$11m.
Under the first agreement, the company will sell Kerr Addison property, McGarry mine property and the additional McGarry Township claims.
It will receive C$1,250,000 on closing, C$750,000 after 18 months of closing and a 2% net smelter return royalty on the properties.
Kerr will sell its Bear Lake gold property and the remaining McVittie Township claims under a second deal for $5.6m upon closing. The agreement also accounts for $2.4m on sale of the property by the purchaser or if gold price increases $1,500 per ounce in six months, if 500,000oz of proven or probable reserves are established on the property, the completion of a feasibility study, or if production financing is secured.
Kerr Mines will also receive a 2% net smelter return royalty on the properties and the purchaser may buy 1% of the royalty for C$1m.
Land & Mineral has executed a definitive agreement with Eurasian Minerals to acquire Hauraki Gold.
Hauraki Gold manages the Neavesville gold-silver property in the Hauraki goldfield of New Zealand’s North Island.
Under the deal, Hauraki will receive staged payments and work obligations, including reimbursement of C$100,000 of EMX’s exploration costs, 75 troy and 600 troy ounces of gold by the second anniversary and within 30 days of the third anniversary of the agreement date.
The company will also benefit from costs for a total of 3,000m of drilling, payments at the rate of 100 troy ounces of gold until commercial production begins and 3% net smelter returns from production.
Hauraki will also be supported to construct a mine based on a JORC (2012) feasibility level technical report.
Miranda Gold has partnered with Gold Torrent to advance its Willow Creek project in Alaska. The agreement comes after a letter of intent announced in August.
Under the deal, Gold Torrent will operate the joint venture and will solely fund the first $10m expenditures, gradually acquiring a 70% stake. Miranda will hold the remaining 30%.
Until Gold Torrent is repaid its initial capital, Miranda will receive 10% of the distributable cashflow, after which the company will be entitled to 20% of the distributable cashflow until the excess capital share of Gold Torrent is repaid, and 30% of the cashflow thereafter.
Miranda has filed a NI 43-101 compliant technical submission for the Willow Creek Coleman deposit, which comprises measured and indicated resources of 62,100 troy ounces of gold contained in 78,700t at an average grade of 24.6g per tonne of gold, and an additional 4,100 troy ounces contained in 5,300t grading at 24.2g per tonne of gold in the inferred category.
Epangelo Mining has signed a deal to buy a 7.5% stake in QKR’s Navachab gold mine in Namibia.
The acquisition will mark the company’s foray into the gold mining segment, reported southerntimesafrica.com.
Epangelo has already agreed to buy a 10% stake in Husab uranium project, which is scheduled to commence operations in 2017.
Navachab produced 74,000oz of gold in 2012 and 63,000oz last year.
Image: Several deals were signed this week. Photo: courtesy of adamr / FreeDigitalPhotos.net.