https://www.miningweekly.com

Gryphon exits Mauritania

14th March 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Junior gold developer Gryphon Minerals will be exiting Mauritania after TSX-V-listed Algold Resources exercised an option over Gryphon’s interest in the Tijirit gold and Akjoujt copper/gold projects.

Gryphon in October last year signed an option agreement with Algold Resources, which would acquire the Saboussiri copper/gold project, as well as the Tijirit and Akjoujt projects, for A$4.5-million, including a 14.9% interest in Algold.

Gryphon told shareholders on Monday that once the final documentation has been completed, the company would receive about 8.7-million shares in Algold, bringing its total shareholding to 14.9%.

In addition, Gryphon would also receive C$1.5-million in cash or shares within 90 days of Algold reporting a mineral resource of 500 000 oz of gold, or 15 months after the completion of the transaction, or on the date on which the Mauritanian authorities renew the tenement licence.

A further C$1.5-million would be payable within 90 days of a mineral resource of some one-million ounces of gold equivalent being declared at any of the properties.

Gryphon noted that the exit from Mauritania allowed the company to focus its funds on the Banfora gold project, in Burkina Faso, while allowing the junior to obtain a significant stake in a Canadian entity.

The Banfora project would require a capital investment of $210-million, and would consist of a two-million-tonne-a-year heap leach start-up operation, with the potential to expand by adding a conventional one-million-tonne-a-year carbon-in-leach processing plant.

Edited by Creamer Media Reporter

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

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:0.08 0.121s - 90pq - 2rq
Subscribe Now