Rift Valley completes Tanzanian gold project sale

13th March 2018 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed junior Rift Valley Resources has executed a conditional sales agreement to divest of its Kitongo gold project, in Tanzania, while also executing a mineral prospecting rights agreement over its Canuck prospecting licence.

Rift Valley on Tuesday told shareholders that it had executed a conditional sales agreement to sell the Kitongo project for $550 000, with the purchaser depositing a nonrefundable $50 000 commitment fee.

The two companies were working to satisfy the remaining conditions of the sale, including signing an agreement with illegal miners at the site, and providing the buyer with all geological and geophysical data.

At the Canuck prospecting licence, Rift Valley has executed a sales agreement over the prospecting licence, with the purchaser agreeing to pay $250 000, subject to the transfer of the prospecting licence.

The purchaser has transferred a $100 000 cash deposit, with the remaining funds to be transferred on the completion of the transaction. The cash deposit is refundable should the transfer of the prospecting licence not proceed.

Rift Valley in October last year took the decision to divest of its Tanzanian assets as the company focused its efforts on its Angolan assets.