Gold exploration and alluvial gold production company Ghana Gold has completed the acquisition of the $5bn gold mining property with World Sports Alliance Inter-Governmental Organization (WSA-IGO) in the Central African Republic.

The WSA now owns a total of 500 million restricted shares of Ghana Gold, as well as a $250m ten-year corporate debenture.

A further 800 million common shares are issued and outstanding.

Ghana Gold chairman and CEO Mac Shahsavar said that the company looks forward to become a leading gold producer with this new acquisition.

"We will now immediately undertake to develop a plan to increase production in our newly acquired gold property," Shahsavar said.

Ghana Gold signed an asset purchase agreement with the WSA-IGO for the mineral exploration, production and commercialisation rights to gold concessions in April.

WSA-IGO president Alain Lemieux said at the time; "This marks another concrete step towards the deployment of the WSA-IGO’s socio-economic initiative within its Member States and, through this process we expect to see this young company become a significant gold player in Africa."

Ghana Gold, which has properties in Republic of Ghana, is planning to expand its operations to other neighboring African countries with gold mining opportunities.

Image: The mining rights acquired by Ghana Gold relate to $5bn in recoverable gold in the Central African Republic. Photo: Bertrand Rieger / Corbis.

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