Having renegotiated the terms of its joint-venture agreement with Gencor, Toronto-based AfriOre (VSE) will now manage six diamond projects in South Africa and Botswana.
AfriOre will have the right to earn at least a 50% interest in all of the projects by financing exploration. Upon AfriOre earning a 50% stake, Gencor will decide whether to participate in future exploration or further dilute its interest in the properties.
AfriOre will also have the right to farm out the projects to third parties.
The properties, most of which cover several coincident geophysical and mineral indicator targets that are ready to be drill-tested, include Kokong West, Jwaneng East, Orapa South, Kang West, Khutse and Kang.
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