In July, Semafo and Samax Gold, which was subsequently acquired by Ashanti, reached an agreement-in-principle. Following the acquisition, Ashanti carried out its own due diligence study, with similar positive results. Under the terms of the new agreement, Ashanti will earn a 75% interest in the Ebi/Teleku-Bokazo prospecting licence by completing a bankable feasibility study within two years. If warranted, Ashanti would then become operator and be responsible for bringing the deposit into production.
Further development will then be managed by Ashanti with a 25% participation by Semafo. Once a mine is in production, Semafo and Samax will be able to recoup exploration expenses on an equal basis. Resources to a depth of 70 metres at Ebi/Teleku-Bokazo stand at 2.8 million tonnes grading 2.8 grams gold per tonne.
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