Vancouver-based Mink Mineral Resources (VSE) is preparing to explore a 400-sq.-km concession in Mali after signing a joint venture deal with the government of the West African republic.
Mink Resources and equal partner Mink-Lepine Group of Montreal have been granted a permit to explore for gold, platinum and associated minerals on the concession which is located in the Kangaba mining district.
They are the first companies to obtain a permit from a new democratic government which is attempting to encourage foreign investment by granting incentives such as income tax exemptions on the first five years of production.
However, the government will hold a 15% stake initially in a company set up to exploit the Mink-Lepine project, and under the agreement can increase its stake to 20%. Le Groupe Lepine is a Montreal construction company. Seven major geological structures and over 20 mineralized anomalies have been identified on the concession which already hosts a number of small placer gold mines. With immediate plans to spend $1.9 million on exploration, Mink is negotiating a private placement to raise its share of funds.
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