Kinbauri Gold (CDN) has begun reverse-circulation drilling at the Dossi gold concession in Burkina Faso to test a soil-geochemical anomaly 18 km long and 0.5-4 km wide.
Kinbauri is earning a 65% interest in the concession from Loubel Explorations (ME) and Melkior Resources (ME).
Kinbauri is also active elsewhere in Burkina Faso; it and Incanore Resources have the right to earn an interest in the Toutou concession, which was awarded to Dome Mountain Resources (VSE) in January. Local, small-scale mining already goes on at Toutou, and the company plans to examine prospects on the concession. The two companies have a similar right to maintain a majority interest in the nearby Aribinda concession (applied for by another company).
Kinbauri also holds a right to maintain a majority interest in the Oula concession, which Southern Rio Resources (VSE) was awarded in late December, 1995. Like many of the other concessions, Oula features areas where small-scale, local mining has gone on. Kinbauri plans to carry out prospecting and sampling around the showings.
Kinbauri has filed an action in an Ontario court against privately owned Iamgold for specific performance of an amalgamation agreement between the companies and for damages of $10 million. Iamgold’s motion for dismissal of the suit was refused by the court, and Kinbauri has been awarded costs. Kinbauri’s refinancing by Millfield Capital, completed in December, 1994, was meant “to provide funds for exploration and working capital, including legal fees.”
(Incorrect information on some of the property agreements appeared in our issue of Jan. 29.)
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