Moydow resumes drilling

Dublin-based Moydow Mines International (MOY-T) has resumed drilling at the Ntotoroso gold project in west-central Ghana after a 5-week hiatus due to the rainy season.

Moydow has a 60% interest in the property, and Normandy Mining (ndy-t) acquired 40% for US$2.5 million. Normandy can earn up to 50%, at the rate of US$400,000 per percentage point, by funding the second phase of a US$4-million exploration campaign.

Normandy has informed Moydow it intends to increase its interest in the project. To date, the company has advanced US$800,000 and has committed an additional US$600,000 to fund drilling. Following these expenditures, Moydow’s interest will be 57%, and Normandy’s, 43%.