In line with plans to focus increasingly on West Africa, Mutual Resources (VSE) has acquired an option to earn a 54% stake in the Sewum Tokosea gold concession in Ghana.
Mutual initially paid $15,000 cash and can earn the interest by spending $1.7 million over four years. The vendor is Seto Mining, a Ghanaian company controlled by Promexport and EQ Resources (CDN).
Sewum Tokosea comprises 34 sq. km in the Bibiani gold belt. Two former producing mines on the concession are reported to have contained about 75,000 tons grading 0.5 oz. gold per ton when they closed in the 1940s. Soil geochemistry tests in 1988 and 1989 outlined 14 linear anomalies measuring more than 1,500 ft. in length. Mutual plans to begin trenching early this year.
Mutual also owns a 5% interest in the nearby Tarkwa gold mine which owner Gold Fields is exploring both on surface and underground. The mine is producing about 3,750 oz. gold per month at about US$209 per oz. and Gold Fields hopes to be able to boost production.
Mutual is negotiating on several other advanced projects in an attempt to expand its West African presence.
Be the first to comment on "NEWS ROUNDUP — Mutual obtains African ground"