https://www.miningweekly.com

Equus sells off noncore assets

12th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed junior Equus Mining would sell off its 90% interest in subsidiary Leo Shield Exploration Ghana for some $600 000 as part of its efforts in selling off noncore assets to fund its core exploration activities in Chile.

Equus said on Tuesday that it would retain a 10% interest in Leo Ghana.

Leo Ghana’s activities include the Osenase and Asamankese prospecting licences in the Kibi gold belt, the Pramkese prospecting licence in the Birim diamond field, a 7% interest in the Kwatechi gold joint venture in the Ashanti gold belt and a 0.5% royalty interest in potential future gold production from the Grumesa prospecting licence.

Following the completion of the Leo Ghana sale, Equus would have a cash reserve of some A$1.8-million, which the company said would be sufficient to fund its budgeted corporate and exploration activities for the remainder of 2013, including a 5 000 m diamond drilling programme at the Yerba Buena copper project, in the Naltagua copper district in Chile.

Equus had previously announced that it would fund its core exploration activities in Chile by selling off its noncore assets, including listed shares, gold royalties and an oil drilling rig and exploration camp, which are valued at some A$7-million.

The gold royalty owned by Equus is a 0.5% royalty over the gold production from the 876 km2 Tengrela gold project, owned by fellow-listed Perseus Mining.

The project includes the Sissingue gold mine, where Perseus reported a 1.18-million-ounce resource and a 840 000 oz reserve. To date, Perseus has completed a substantial amount of infill and extension drilling at the project, and a resource upgrade was expected in the current quarter.

Edited by Creamer Media Reporter

Comments

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

An unmanned breathalyser that is made to be tough and simple to use. Can be used in any environment for operator-free breathalyser testing.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.096 0.131s - 88pq - 2rq
Subscribe Now