EXPLORATION ’95 — Mutual broadens exposure in southwestern

Increased interest in the Manso Nkwanta district of southwestern Ghana has prompted Vancouver-based Mutual Resources (VSE) to form a strategic alliance with Leo Shield Exploration, whereby the parties will contribute their property interests to a joint venture.

Mutual says the region has taken on more significance because of the recent discovery by Kiwi Gold and Australian Goldfields on the Obatan property. A gold resource of 650,000 oz. was found, leading to an increase in competition for local properties over the last year.

Mutual and Leo Shield plan to contribute their property interests to a 50/50 joint venture, with Mutual as operator.

Mutual will include its option on the Oda River, Kent and Bilpraw properties, while Leo Shield will add ground it holds in the area.

Mutual says this will substantially increase its overall land interest in the Manso Nkwanta area, in keeping with its overall objective of securing ground in areas of promising potential, “giving wider exposure with no added financial risk.”

The companies agreed to drill-test the Edubia showing on the Oda River property, test anomalies on the Bilpraw property, and continue trenching on other secured concessions.

Mutual has exposure to other projects in Ghana, as well as the ongoing exploration at Tarkwa (in which Mutual holds a 5% interest) where a gold resource of 5.5 million oz. has been outlined, with several zones remaining open and untested.

The London-based Crescent Group is Mutual’s largest shareholder. Teck (TSE) holds an approximate 20% interest in Mutual and has rights to participate in its projects.