Altus to sell two Mali projects to Desert Gold Ventures
Aim- and TSX-V-listed Altus Strategies plans to sell its contiguous Sebessounkoto Sud and Djelimangara gold projects, in western Mali, to fellow TSX-V-listed company Desert Gold Ventures.
The parties have signed a nonbinding term sheet in this regard and the transaction is subject to 30 days due diligence, as well as other conditions precedent.
Should the companies sign a definitive sales agreement, Desert Gold will acquire a 100% interest in the two projects, in return for an initial three-million Desert Gold shares, valued at about C$675 000, as well as $50 000 in cash.
Subject to the definition of a one-million-ounce gold resource, Altus will receive a further five-million Desert Gold shares, valued at about C$1.13-million, as well as $200 000 in cash.
Altus will also retain up to a 2.5% net smelter royalty on the projects.
"The proposed transaction follows our recent announcement of a term sheet for a joint venture (JV) on our Lakanfla and Tabakorole projects. Of our six projects in Mali, only our most advanced asset, the Diba gold project, is not currently subject to a JV or term sheet for a transaction.
"Diba has a historic resource, not in accordance with National Instrument 43-101, and is contiguous with the Sadiola mine permit.
"The transaction we are announcing today with Desert Gold, further underscores our clear strategy of making and monetising discoveries in Africa, while also growing a valuable portfolio of project equity and royalty interests," Altus CEO Steven Poulton comments.
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