Ruby Creek completes mining asset acquisition in Tanzania

6 December 2011 (Last Updated December 6th, 2011 18:30)

Gold exploration and mining company Ruby Creek Resources has completed the acquisition of Gold Standard Tanzania’s assets, which are located adjacent to its Gold Plateau project.

Gold exploration and mining company Ruby Creek Resources has completed the acquisition of Gold Standard Tanzania's assets, which are located adjacent to its Gold Plateau project.

The combined total acquisition costs stood at $3m plus the assumption of $585,000 in debt.

Ruby Creek now owns 95% assets of a ten-year, 10km2 mining licence; two prospecting licences of 40km2 and 89km2; a regional environmental report on the combined 139km2 properties; and a mining camp.

In addition, the company gained 100% ownership of mining equipment including excavators, dump trucks, loaders, bulldozers and supply vehicles located on-site and in Dar es Salaam.