GeoBASE Metals Forms Joint Venture with Haber

16 September 2009 (Last Updated September 16th, 2009 18:30)

Zimbabwe-based junior exploration firm GeoBASE Metals has formed a joint venture with technology company Haber to develop its concessions in Zimbabwe using green technology. Under the terms of the agreement, the pair will implement the strategic abatement of mercury and poverty (STAMP),

Zimbabwe-based junior exploration firm GeoBASE Metals has formed a joint venture with technology company Haber to develop its concessions in Zimbabwe using green technology.

Under the terms of the agreement, the pair will implement the strategic abatement of mercury and poverty (STAMP), developed to elimiate the use of mercury by small-scale miners, in GeoBASE's gold, platinum and nickel concessions in Zimbabwe.

A Zimbabwean company will be formed, Haber GeoBASE Africa Minerals Company (HG), and Haber will grant it a technology licence for the STAMP programme covering Africa, excluding Tanzania and Ghana.

In return, GeoBase will transfer title to HG on all its concessions based in Botswana, Zambia and Zimbabwe, which includes hard rock and alluvial gold properties.

Haber will supervise the STAMP programme and have sole control of all processing units needed for minerals recovery.

GeoBase will be in charge of raising funds required for each project.

HG will handle mining, exploration and obtaining additional mineral claims, including molybdenum and diamond concessions when suitable opportunities emerge.

The agreement will allow HG to pay mercury users more for their gold concentrate than they would receive by using mercury to extract the gold and dissuades them from using mercury in the future, Haber said.

STAMP generates eco-friendly gold, improves workers' standards of living and creates a significant jobs, Haber said.