Time running out for EXP

Unable to raise sufficient funds or negotiate an extension on its option, EXP Resources (EXP-A) is on the verge of losing the Tin-Awati gold concession in Niger, West Africa.

To gain a 60% interest in the property, EXP was required to spend about $6 million on exploration over the three years ending Oct. 29, 1999. By the end of 1998, it had spent $2.5 million.

All of EXP’s expenditures on the property were written off in its audited financial statement for 1998.

The company will retain its option rights until the end of October and is in discussions with several potential investors.