JOHANNESBURG (miningweekly.com) – Aim-listed uranium and gold explorer Kalahari Minerals has completed its share purchase agreement with sub-Sahara-focused North River Resources to develop certain gold, copper and other base-metal assets in Namibia.

In October, the company announced that its wholly owned subsidiaries would sell the entire issued share capital of West Africa Gold Exploration (Wage) for £7,35-million to be satisfied by the allotment of 245-million shares in North River at 3p a share, as well as Craton Diamonds, for £650 000 to be satisfied by the allotment of more than 21,6-million shares in North River at 3p a share.

Kalahari now held about 44,9% of the enlarged issue share capital of North River, while chairperson Mark Hohnen and director Professor Glyn Tonge have joined the board of North River as nonexecutive chairperson and nonexecutive director.

“This agreement has paved the way for the next phase of development at our gold and base metals projects in Namibia, following the extensive exploration programme completed by Kalahari between 2006 and 2008 comprising about £8-million of investment,” Hohnen noted in a statement.

He added that this would also enable Kalahari to fast-track its nonuranium assets to the production stage.

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