Toronto-based World Wide Minerals (WWS-T) has transferred its gold exploration projects to a new subsidiary.
Among World Wide’s gold assets are several grassroots projects in China, including the 55%-owned Tongshi joint venture in Shandong province, where surface exploration work is under way, and an 80%-owned geological and mining engineering business in partnership with Shandong MGMR.
The company also has a gold project in Bolivia, and another, in the U.S.
World Wide intends to convert the gold subsidiary into a separate public company so that it can focus on its uranium operations.
World Wide has refuted a recent Reuters report which stated that the government of Mongolia had voided its contract to mine the Dornod uranium deposit. The company holds a 58% stake in the Mongolian-registered company that operates the project.
Wallace Mays, executive vice-president of World Wide, is said to have met with several cabinet ministers in Ulan Bator who confirmed the company’s agreement as valid and legal.
World Wide’s principal focus for expansion in the uranium business will be in the U.S.
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