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October 20, 2009

Asec to Manage GMA’s Algerian Gold Mine

Asec Mining will plan and supervise operations of GMA Resources' gold mine in south-west Algeria after Asec acquired a 10% stake in the company. The $3.1m acquisition will help leverage Egypt-based Asec's relative liquidity and help the company further expand into northern Africa, Asec'

By cms admin

Asec Mining will plan and supervise operations of GMA Resources’ gold mine in south-west Algeria after Asec acquired a 10% stake in the company.

The $3.1m acquisition will help leverage Egypt-based Asec’s relative liquidity and help the company further expand into northern Africa, Asec’s media representative Moustafa Shafik said.

“They (GMA) don’t have enough money, and they don’t have a mining plan, and we are specialised in this,” Shafik said.

The 1,425km² mine generated 18,000oz of gold in the first half of 2009, according to Reuters.

Both companies are in talks regarding revenue-sharing agreements and a timetable for development of the gold mine, Shafik said.

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