African Consolidated Signs MOU to Develop Pickstone Mine

20 June 2010 (Last Updated June 20th, 2010 18:30)

African Consolidated Resources has signed an agreement with SSSB Group for the development of its gold property at the Pickstone Peerless mine. SSSB Group comprises a number of highly experienced mining experts who have successful operational experience in Zimbabwe in gold, nickel, copper

African Consolidated Resources has signed an agreement with SSSB Group for the development of its gold property at the Pickstone Peerless mine.

SSSB Group comprises a number of highly experienced mining experts who have successful operational experience in Zimbabwe in gold, nickel, copper, platinum, chrome and coal operations.

The scope of work under the memorandum of understanding includes the development of open-pit mining operations at Pickstone Peerless and excludes sulphide dump resource.

According to the agreement, African Consolidated will hold 40% interest in the project while the rest will be owned by SSSB.

SSSB will undertake the pre-feasibility study and definitive feasibility study and will also fund the project.

African Consolidated Resources CEO Andrew Cranswick said the partnership model is in line with the company's long-term mining strategy.