Arena Gold picks up property

Val d’Or, Que.-based Arena Gold Resources (ARN-M) has signed a preliminary agreement with Italian-based Mining Italiana to acquire a 90% interest the Dompem gold and diamond prospect in Ghana’s Tarkwa region.

Arena will pay $2.5 million and issue shares priced at $2.17 each. The number of shares to be issued will be determined after Arena has evaluated the property further. Arena anticipates issuing about 20 million shares, which will be escrowed for at least three years. As part of the agreement, Mining Italiana has elected Maurizio and Vincenzo Bonifati to Arena’s board. Canadian Louis-Marie Riopel has also become a director. The agreement is expected to close in June 2000.

Arena has also been exploring its Apredor diamond property in Guinea, West Africa.