Goldplat has become the sole owner of the Kilimapesa Gold project in Kenya having completed its acquisition of the 50% stake-owned by International Gold Exploration (IGE) for $2.7m.

Goldplat has completed the buy-out through IGE’s subsidiary Gold Mineral Resources for the site located in south-western Kenya in the Migori Archaean Greenstone Belt.

Goldplat has already paid $1.2m, with the remaining amount to be paid in six monthly instalments of $250,000 beginning when Kilimapesa Gold’s mining licence is authorised by the Kenyan authorities.

Goldplat expects it will announce a JORC compliant resource at Kilimapesa Gold in the near future, the company said.

IGE currently has four licenses in Kenya and continues gold exploration activities in the country with the aim of developing a medium- and large-scale gold resource in the short-term.