Birim Goldfields (BGI-T) has agreed to acquire from Santa Fe Pacific Gold a 90% interest in three gold licences covering most of the Bui structural belt in western Ghana.
Santa Fe is a subsidiary of Newmont Gold (NGC-N).
The three licences cover 6,670 sq. km of Tarkwaian- and Birimian-Age rocks from the Ivorian border in the west to the Voltaian rocks in the east.
Collectively they are known as the Bui reconnaissance licence, though within this overall licence is contained two 150-sq.-km prospecting licences: Krachikrom and Chenchu
The Ghanaian government will continue to hold the remaining 10% interest in the licenses.
Birim will pay US$225,000 for the licences and has committed to spend US$3.5 million on exploration, of which US$1 million must be spent during the first year.
Birim will be operator during the exploration stage, through to completion of a bankable feasibility study. At that point, Santa Fe may buy back a 45.1% interest by reimbursing Birim four times its historical exploration expenditures in the case of the Bui reconnaissance licence and two times its expenditures in the case of the two prospecting licences.
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